Another Day, Another Ramp Job

Pity the poor guys working the VIX button this holiday season.  They’ve had no rest for the past few days, and are unlikely to have any until after the new year dawns.


Yesterday was a prime example.  ES made several attempts to break down before the open, only to be undone by a 5% decline in this “fear indicator,” most of which occurred in the first minute of trading.  There were other attempts by SPX during the session, each of which was quickly dispatched by VIX hitting new lows.

It wasn’t until CL finally got the message and started ramping higher that VIX finally took a break and popped up just high enough to suck in some bears before the close.  After the close, VIX plummeted again, ensuring another break out this morning.

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