More of the same all around with ES propped up for three days in a row…

…by the continuing collapse in VIX.

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Yesterday’s rally was overdone, leaving SPX at the top of a sharply rising channel. The culprit was VIX, which has collapsed (again) and fixed the algos on an unsustainably frenetic pace.

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Wishing everyone a very, Merry Christmas and a healthy, peaceful and prosperous 2022.

The algos have been busy this week – typical for the low-volume holidays.  VIX completed its journey back to its SMA200, even dipping below it for good measure……which bounced ES to just below its recent highs.continued for members… (more…)

Stocks are mixed after final Q3 GDP revisions came in slightly above the November estimate.

While the print is in line with the pre-COVID data…

…we have to wonder whether the economy can hold up in the face of decreasing Fed stimulus and COVID cases which are spiking as we head the holidays.

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Futures are off sharply as we head into the open, weighed down by a rapid escalation in omicron cases and the apparent failure of President Biden’s Build Back Better bill after Senator Manchin announced his opposition on Sunday.

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