11am update - Two hours of zero volume trading left

With factory orders posting a positive number, the algo-bots seem happy to melt everything slowly upward into Thursday. Yesterday was the lowest volume in a decade, I can't imagine today is any better.


sp, daily5, 4mth

VIX, daily, rainbow

Certainly, NO sign of a turn, or even levelling out in the VIX yet. The TVIX/UVXY holders are buying too early.


UVXY, daily

An ugly chart, any the statistical decay is really destroying anyone holding longer than a few days. I see a fair few posters out there who been adding AHEAD of the holiday. That makes zero sense right now, not least if the ECB cut rates, causing a further 1-2% index ramp on Thursday.


Summary

Nothing to add...go read....

Good reading from ZH, on the French, who seem set on taxing everyone to death.

Time for French revolution part dieu ?