How to Tame a Bear

On December 24, the President’s Working Group on Financial Markets met “to discuss coordination efforts to assure normal market operations.” Most people call the PWG the Plunge Protection Team. Can you blame them?

ES rebounded 10.4% since then, and “all” it took was a carefully constructed 45% collapse in VIX. As we approach our next upside target, we’ll take a look at the likely next steps.