The main indexes are comfortably holding moderate gains, for what is now day'10 of a rally from sp'1627. Bears look completely powerless, and the market is back in algo-bot melt mode, which looks likely to at least continue until the FOMC of next Wednesday.
*I exited VIX-long earlier. I suppose some might argue 'we didn't even hit the 1690s yet', but really..price action is what matters..and market appears completely back into the old mode of 'drop a few pts at the open..then melt higher for rest of day'.
I'll actually consider going long the indexes tomorrow morning, on any initial drop.
I guess some might also argue, that is probably the most bearish contrarian signal of all. It wouldn't be the first time I've nailed the top by exiting short.
As it is, I just don't sense ANY bearish downside momentum. Even worse for the bears..there are two major QEs to end the week.
yours...on the sidelines.
Ohh, and just look at TVIX, that is -25% in the past 7 trading days...and it sure doesn't show any sign of stopping.
The horror....the sheer decaying horror.
1.36pm.. VIX in the 13s. Market..fearless.
Poster 'What does the golden cross mean on the gap down today on AAPL?'
I think market is completely mis-pricing AAPL. Profits are still HUGE, the company is under-valued - relative to the main market by at least 50/75%.
It remains the case that people are still hung up on the nominal price of the stock, rather than actual relative worth.
The reverse case is true for AMZN.