Market Breakdown, Financial Sector All Time Low

Nearly 2 weeks ago, we talked about the market being range bound and waiting for it to "show hand". Well, it finally did break down yesterday, printing a bearish bar. Next target will be for it to retest Nov low of 75 for S&P 500 Spyders (AMEX:SPY)

Above chart shows the VIX, which is a measure of fear gauge. It shot up yesterday and broke above the recent range. After some period of complacency, is the market suddenly awaken by the "real" reality?

The KBW Bank Index is at an all time low as well, breaking the 25 level support (see chart above). Same goes for Financial Select Sector SPDR (NYSE:XLF). During this whole crisis period, the financial sector