Looks like the market got a renewed fear of heights. Now the market is adjusting with the Vix spike, with a very light volume day, suggests a protection is being taken.
Plan on covering the SPY short near 1400. Out side of the cliff issues, the economy really does look to be improving. Despite the mixed retail data (great online sales vs blah numbers Mastercard), the job numbers (if viewed as a leading indicator) are looking very good.