Blink and You'll Miss It

After nailing Friday’s downside target, ES made another “miraculous” recovery and is pushing toward new, all-time highs. Move along, nothing to see here… It will come as no surprise to members that the latest recovery was almost entirely driven by another collapse in VIX. The other factors: more silliness from oil/gas and a healthy dose of short covering.This morning, as algos were deciding whether to complete another ramp job, VIX dropped down through its remaining moving averages – thus guaranteeing a positive open as the FOMC’s two day meeting gets underway.