Cripes I've tried thrree times already to post a message and all I getis an insulting message saying I'm being booted off. What a bunch of crap....so in aslightly terse mood & had to sign in under a slightly diff another name
At any rate, vix under 28 is really telling us the prospective direction of the market (its up). VIX had a hard time holding above the 10 day lows and finished at or below those I believe.
At any rate, unless the vix can get traction here, its saying that the move today was corrective and may have been skittish...but that there is declining fear at the moment. That generally is supportive ofa move higher
That said, on 3x witching week if we see any further technical breakdown (that doesn't quickly recover), then that would spell trouble and indicate that we have seen as much of the year end rally as we can expect.
I'm thinking we pop some here (cause his activity is what we would normally expect as we get into mid week on options ex...) but hedging my bets -- so thinking we go higher by a 60-40 or 70-30 probability. So not overly confident, but so far vix telling me that shorts will have a more difficult time than longs unless we see a sharp sell off soon....
