The market appears to be churning out a short term top, having maxed @ sp'1514. The VIX looks like a floor is being built. Metals remain weak..and are continuing to slip lower.
I'm still waiting to hit buttons for a re-short, but I'm getting impatient. Maybe I need to increase the chocolate dose?
I'm also still recovering from over three hours and 8 minutes of the Ben Bernanke.
On any basis, the VIX is due a recovery bounce after two heavy down days.
I'd feel a lot more comfortable doing an index re-short, if the vix can see one further down cycle.
A good example is the action on Feb'22, from 3pm..where we even saw a minor gap lower - with classic reversal candle.
So..I might sit this out until tomorrow...regardless..I think we're pretty close..if not already floored in VIX land.
2.25pm Indexes getting that little extra kick higher that I was concerned about...
This could be the last extra move higher. Those SPY calls..sure are cheaper...-10% in the last 20mins !
Lets see where we are at 3pm