I love all the talk of panic. I have heard from several people today asking if they should buy this panic selling. Except for mortgage REITs for a brief second this morning there is no panic. The NASDAQ is flirting with a new high. The S&P 500 is about 6% off the highs. This is not a panic by any stretch. A panic is 20, 40 or even 50% below the highs. This is just people squaring positions. Some have said the VIX is really high so that's a measure of panic. The VIX is at 25. Call me when it runs over 40 and we will have something to talk about in terms of panic. So far this barely qualifies as a dip. - T. Melvin