The current market environment is not based on valuation but liquidity and supply, has been for the last several months. Valuations haven't changed but liquidity has.
ViX is an overvalued index. It doesn't show real volatilty, it just show fear to the downside. Runs like we had yesterday at the close are way too much volatile than that early that session, and the index was going down and down.
I turned off the monitor at 3:30 on wednesday and was surprised by the run. The A/D was just bad. Today was interesting - it seems like there was real buying in the market or maybe it was short covering.
Staying on the sidelines for things to sort out. Took couple of gashes this week trying to trade. Not much fun when you open the month with losses sitting on the books.
Dow 14000 within a month, easily Only 600 more points to go a few solid 160+ point rallys should do the trick or a single 200+ point rally and some smaller 60 point ones anyway 20 trading days is plenty of time for it to happen
The late day rallies' objective is to get more ppl to think like you. I dont think we are done with the downside.