3pm update - bulls not laughing any more

The opening index levels look a long way up now. It would seem the earlier bullish hysteria was a real failure. The VIX has already broken into the 17s...which is something of a surprise considering we did not yet take out the 1497 low.


sp'daily5

vix'daily3

Summary

The VIX really is something of a surprise today. It seems to have a bit more power than I thought viable.

If sp'1480, then VIX ...20 ?
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back after the close
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3.45pm..exited VIX calls..and spy puts.

I'm done.  it remains a nasty market.