Despite seemingly endless swap deals related to the Greek debt crisis, troubles in the eurozone have once again crept back into the market. Fear that bondholders won’t agree to a debt swap, combined with worries over revised growth numbers in China, have some traders shaken up.

The U.S. dollar soared as did Treasurys yesterday as investors pulled out of foreign and risky investments en masse. Nearly every commodity traded at the CME/CBOT was deep in the red during mid-day trading on Tuesday. The 30-year T-Bond shot up 1.2 points.

Some technical traders began insisting that yesterday’s trading signaled the beginning of a major pullback, or correction, as the Dow Jones Industrial Average and S&P 500 dropped 203 and 20 points, respectively. Others were of the opinion that the selling was due to some traders taking profits after a spectacular run-up in the markets over the last several months.

“No one likes to see a 200 point drop in the Dow, but the volatility will be welcome to some traders,” said one NYSE floor specialist.

One thing remains certain: traders and investors are spooked. The CBOE Volatility Index (VIX) rose above 20 for the first time since February 16. The index was at 21 points by 4pm yesterday, up over 16% in just one day.