Based on my vix reading I am getting optimistic.

On the hourly graph I am seeing lower highs over several days - while the market is still scaring everyone under his/her bed. I often see that as an part of a bottoming process.

If I was day-trading the IWM -- I would look for long entries -- and pass by the short set ups.

BUT a vix of over 40 is also saying anything can happen.

Let's not forget people are buying options priced such that we expect the SPX to be +/- 40% in an year from now. That is 700 -1600.
Big parties are buying options or at least not to sell options at those inflated prices. That is the reason the vix stays up. So GS and like are currently thinking that this wide range to be the most probable scenario, otherwise selling premium would be the smart trade.

As for my 'bread and butter' for AUG - I was flat before the big moves - gaining again not 100% my goal. But my ego can live with that considering the circumstances.

Ernst