Stocks had a nice move yesterday, making new lows before VIX and USDJPY prompted a 20-pt bounce (many hours before WMT’s earnings were announced.)
In the process, we scored a nice win with VIX — which slightly exceeded our target (14.51 vs 14) before crashing back down — as well as with our short on RB.
SPX closed below its neckline, a bearish move. But, last night’s futures action took ES back above its neckline, a bullish development. Yet more proof that trading the drivers of the algos has become much easier than trading the equities themselves.
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