AJ, I took a look at what the SPX and VIX did last OPEX and it is very similiar. We could hit 1320 by early next week if not tomorrow. After what happened on the MLK holiday, I will not have any longs over a 3 day weekend.
I guess we had the same inversion in the 1-month and 3-month during the November 2007 market slide of about 9%. Maybe the 1-month T-Bills are trying to tell us something:
In edit, other than the Feb. 2008 and Nov. 2007 time periods, I can't find any other examples going back to 1999 where we had such a large inversion in the 1-month and 3-month T-Bills
I'd be interested in anyone else's take on this, as it is quite unusual.
aj, I saw this and thought of you. You can read the commentary because it is interesting, but click on the link at the bottom of the page - where it says,
"But if you look at the actual monetary base then it is clear what is going on."
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