Previously, the SPY volatility had not surpassed 2008 levels, yesterday it did with the IV as high as 85% before backing off. The other indicator that had not reached 2008 levels was the bid-ask width in IV points that did reach 2008 levels intraday before backing off. This is a sign of panic and capitulation and a sign of market bottoms. I think there could be a rally here but it feels like the worst is yet to come. https://gyazo.com/ce78f6cd869a5a6e1aea7d80f93aa9a6
yes, selling has bottomed, no we get a asymmetric buying decline. Everyone's gonna try to pick the long term bottom so the market needs to ride that one out too. So, keep having those 1:3 risk reward stops out there to make the market below 2000
Fuxk the bailouts, tired of these bailouts, they should know by now to preserve capital for emergencies but nope, always ignore the fact that great times do not last forever!!!!