The market is quite healthy, or so goes the narrative. Yet, day after day, we see signs of it “breaking” in the after-hours – only to be “fixed” in a V-shaped recovery the next day.
The usual “fixers,” oil, VIX and USDJPY, have limitations. Oil can only rally so much before generating worrisome inflation headlines. The yen can only sink so low before it starts to hurt Japanese consumers and corporations. VIX can usually be counted on to decline when necessary. But, there are lines in the sand that have a history of mattering.
With USDJPY and CL approaching important overhead resistance, is it now up to VIX? Can it manage to inspire new highs or is that too much to hope for?
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