No Regrets

In the words of the immortal Edith Piaf: “I do not regret anything. No, nothing at all.”

SPX popped up over the potential resistance of its 3.618 Fibonacci extension in the final minutes of (algo) trading yesterday……almost entirely on the ongoing beatdown in VIX. And, since the Fed kicks off its 2-day meeting today as very disappointing retail sales and industrial production data (both dropping more than at any time since Mar 2020) are released, don’t look for algos to express any remorse for their bullish ways.

Though the breakout was obviously manufactured, neither the algos nor the FOMC will have any regrets.

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