SPDR S&P 500 (SPY)

[DowDeva]

SVXY very muted on Thursday and then a real decline on Friday with the SPY rallying.

I would say might not wait until end of next week (decline) but NYMO still looks too happy with a bottom above bottoms pattern above the 0 line, and gamma still too high for my comfort.

They might do the obvious thing and wait till September, historically bearish. They've been doing the obvious thing lately a lot, after they all have us trained to look under the rug for tricks.