Fallon Financial Commentary: Ouch! Get the latest market commentary and stock trading ideas from Declan Fallon

Prior to yesterday's meltdown, VixandMore had posted a piece on the VXO and RVX relationship, suggesting that an intermediate bottom was likely in place for the S&P. If this indeed is the case then this morning's open is likely to provide some bargain hunting for such a long trade - probably enough to sneak a 10% return.

The S&P is fast approaching a layer of support around the minor March and April reaction lows - so a gap down into the space would be an aggressive long opportunity. Stochastics are already nicely oversold, so even without the gap it maybe worthy of a pop at the open.