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Intraday Market Notes: Warning! Low VIX -- Oct. 5

|Includes:EWK, Global X MSCI Greece ETF (GREK)

3:30 pm ET: A better than expected jobs number (7.8%) boosted the market on the open but as has been the case lately, the euphoria was promptly dispelled as investors began to lighten up their holdings before the Columbus Day weekend. The early morning gains have been erased on both the S&P and the Nasdaq while the Dow Transports and the Dow Industrials are still barely hanging on. They, too, could end up in the dumpster by the end of the day if the market internals continue to deteriorate.

The volatility index (VIX) began the day at 13.67 and has been rising steadily. Anytime the VIX has fallen under 14 in the past several months it has always rebounded. That doesn't necessarily mean that the move will happen during the next trading session but considering the magnitude of today's sell-off, I wouldn't be surprised to see a continuation in downward movement in the major averages on Monday.

Going global, the Greek etf (NYSEARCA:GREK) leaped $16 resistance with a 9% pop. If you feel like jumping in here I need to warn you that the stock has already rallied 90% from its $9 June low (can you believe that?) and is closing in on its $20 high made last February, two months after the fund's inception. The country fund of Belgium (NYSEARCA:EWK) took out $13 minor resistance and appears to be heading towards $14 where it will face a much stiffer challenge. It's unclear whether the stock of Belgian caterers has anything to do with this move. (The Eurozone leaders meet in Brussels and they never can seem to get anything done until they've had dinner.)

Have a good weekend!

Note to Subscribers: There are two new Channeling Stocks and a new the Stock of the Day will be posted this weekend.

Stocks: GREK, EWK