#Market #SPXcampaign This recent click higher and corresponding dip in the VIX signals to me this market is going up. Still not close to confirmation on the VIXIndicator but I’m going to start reversing some positions in SPX.
#Market One thing about corrections is they can also include face-ripping rallies. This is a huge gap up… the market did what it does best on Friday… shook me out of put spreads which would be doing excellently today had I not ditched them. VIX not dropping too sharply yet, but I’ll be watching what it does during market hours. I have a couple of call spreads in trouble… not sure yet if I should forward roll or reverse roll.
#Market #SPXcampaign For the last few months we have seen unending rallies, defying gravity. Many mornings we would open with a nice little pullback, getting enough traders worried the happy days were ending so they would sell, then the market turns around and notches another all-time high.
This morning’s “rally” was the reverse of that… Gap-down open, only to perk into positive territory, head faking enough to cover their shorts before we rip down to new lows.
It’s the upside down of last month.
#Market Intraday we just made a lower high and a lower low. The groundhog sees more volatility ahead.
$SPX down 10.82 and $UVXY just doesn’t care