The market's unprecedented roller-coaster ride has has led to a 65% August gain for the CBOE Volatility Index (VIX -8.1%) going into today. A period of "bi-polar" market activity such as the present. Whack-A-Mole!!!

The European Commission welcomes the short-selling bans, according to a spokeswoman, who uses the occasion to call for a EU-wide framework for regulation of such activity.

Nouriel Roubini tells WSJ the risk of a global recession is greater than 50%, and the next two to three months will reveal the economy's direction. He also says he's putting his money into cash: "This is not the time to be in risky assets."