VIX Alert!

Just want to slide this in before the market closes. We're getting a nice topping tail in the VIX today and some good looking bottoming tails in the major market indices. Does that mean we've reached a bottom? I don't know. Last time the VIX spiked on Sept. 18th, I thought we might have some sort of relief rally. We did...if you count one up day as a relief rally.

Will this time be different? Have we reached the bottom of the market? I don't know, but I have to say that I still don't think all of the fear has been eliminated. Sorry to say that I do believe that we haven't scraped the bottom of the barrel as yet.

But that doesn't mean we stand still and take no action. The VIX is alerting us to the fact that the market may turn around any minute and we need to come up with a game plan now! For starters, those of you in short ETFs or in short positions in general, NOW IS THE TIME TO BEGIN TAKING CHIPS OFF THE TABLE!!!

For you more conservative investors who (hopefully!) are sitting in cash, now's the time to start lining up your buy plays. In the next day or so, I'll be looking at some juicy dividend stocks to put on our watch lists so that we are ready to pounce when the time is right. (Note that dividend stocks are ideal plays in retirement accounts.)

So, keep your eyes peeled for potential upcoming bargains and whatever you do, keep the faith. The market will turnaround one day.

Let's just hope that day will be soon.

Heads-up: Many of the CNBC talking heads pointed out today that government muni bonds, specifically of the general obligation type, are safe and attractive buys right now.