Until around 3pmET, stocks had been slowly but surely rising - albeit disconnected from credit's reality - in a slow dead-cat bounce of a day. When the Puerto Rico news hit, stocks tumbled to reconnect with credit and VWAP and looked like things were going to get ugly when we were 'supposed' to have a green day of hope. VIX was instantly smashed lower again and the machines lifted the S&P 500 cash index to the highs of the day just into the US close... and then on no news, no blaring headline of catalclysmic regime change, S&P 500 futures tumbled 6 points to the day-session's late lows. That's why the big boys play late...
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and caught down perfectly to credit...
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