A key shift underway?

This is a disastrous first hour of trading today.  In my experience, this is how big (2%) down days start.  Maybe it's just the Greece rumors.

Anyways, are we seeing a structural shift in mindsets?  Maybe.  We'll know more at the close, but check out the vol term structure.  It has tightened for 3 months in this apathetic market.  Now it's breaking it's range.  Bulls need to step it up.

Trade 'em well!