The market remains subdued with nothing to motivate it, at least until the next major QE tomorrow. The main indexes are still unquestionably on the bullish side, but are increasingly tired. VIX is higher, but still in the bizarrely low 12s. Precious metals remain weak, Gold -$7
Bears could push the market lower to test the sp'1700 level, but there still seems a near complete lack of power on the downside.
Whilst stocks like AAPL and FB continue to rise, there is clearly no sign of 'trouble' yet.
VIX update from Mr P.
As some recognise, for those who are able to short the actual stock (certainly NOT put options, although I guess you could write naked calls), VXX is the gift that keeps on giving across the longer term.
Of course, the same can be said for the even more decaying...TVIX and UVXY.