sp'60min
vix'60min
Summary
Suffice to say, the mood at the casino table looks utterly complacent..and there simply doesn't seem any point in taking new short positions.
Say we close 1660...it will only take a mere Friday up move of 1.25% to hit the big 1680 level.
I will note, if we do somehow spike into the 1680s - whether tomorrow..or early next week ..I will be hitting buttons.
As an options trader, I'm just watching the decay on the VIX call chain.
The VIX calls I sold last Friday are down 60% in just over 3 trading days. if sp'1680s..they'll fall another 20/25%. What a thought!
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2.34pm...nothing has changed..market still looks vulnerable for minor upside into the close, with a very real risk of a leap in the 1670s tomorrow..even 1680 on a 'isn't the economy doing great!' spike.
VIX looks like it merely wants to melt lower into the close...15.50s is the target for today.