Broad market volatility has pulled back sharply (after yesterday's multi-year highs) with equities rebounding, currently near highs of the day (Dow +394, SPX +51, Nas +90). Market volatility initially gapped lower as the stock market opened sharply higher this morning following yesterday's stunning sell-off. The "fear gauges" continued to decline through midmorning as the major averages hold their early gains. The VIX is currently -7.40 (-15.8%) at 39.32, while the more tech-focused VXN (Nasdaq Volatility Index) is -6.57 (-13.2%) at 43.01. The CBOE put/call ratio is currently at 1.23, indicating higher put trading than call trading.