Seemingly on a rail, VIX’s bump took it only to the top of the falling red channel in place for over a month. A failure to break out means ES can top its 361.8 Fib extension and reach its IH&S targets. continued for members… … continue reading →
It was more of a red ripple than a red wave. So far, it appears that Republicans will hold a five seat majority in the House and might actually lose ground in the Senate. Futures are moderately lower.continued for members… … continue reading →
With the election today and CPI coming out Thursday, things are bound to start getting a little more volatile again. VIX can’t stay in this channel forever… Don’t forget to vote! continued for members… … continue reading →
More of the same…perhaps until CPI comes out on Thursday. continued for members… … continue reading →
The market is essentially unchanged from yesterday, with VIX in a position to make or break this rally unless the FOMC delivers a significant surprise. We’ve seen this movie before: a sharp rally into a Fed meeting or CPI report that wipes out the put buyers and positions the market for a drop from a … continue reading →
In yet another reminder of their sway over the markets, the algos have brought stocks to the brink of a breakout by putting VIX at the brink of another breakdown. continued for members… … continue reading →
Futures are off about 0.50% as we approach Wednesday’s FOMC decision and a slew of important economic data. continued for members… … continue reading →
Q3 GDP came in at 2.6%, beating the 2.3% consensus and of course Q2’s -0.6%. While good news for the economy, it does little to advance the narrative that the Fed might be ready to pare future rate hikes. Nevertheless, VIX fell… …so futures rose slightly on the news.continued for members… … continue reading →
ES rallied 7.3% off the Oct 13 lows to tag our target at the white channel midline – also the 20% correction mark. This is the same target we added on Oct 14 [see: It Wasn’t Oversold] as it’s an important line in the sand. continued for members… … continue reading →
Unemployment claims came in lower than expected, further dashing the hopes of those praying for a Fed pivot. Meanwhile, the OPEX levitation continues. continued for members… … continue reading →