Kudos to MMs

Careful for the big bounce near 2:00 PM CST. I would alert not at 1100, but at 1102. If we go well into the 2:00 hour with no bounce, odds are we fall further and maybe even a tad below 1100 SPX by EOD.

 

VIX is now no longer undervalued. I would say it is overvalued by about $2 to $3. This feels like the way VIX moved last year, by 15% increments.

Of course, this is the way crashes begin. Look at a chart of 1987 and you see three huge bars down into Black Monday. Odds almost zero delta of that with IRs at zero, imo.

 

Some support SPX 1092. Then good support 1082 ish.

 

with VIX shooting up like that, if one does not hold longs over weekend he is crazy (90 delta)

Rennick Out

p.s. Nitro, good to see your calls bearing fruits

 

...1072 would be same percentage for this pullback

 

"FV" ~883
"NFV" ~1055

 

I am sorry

"NFV" ~1079

I am have too many positions on to be dicking around with this. Sorry.

 

Expecting 1082 ESH0 to hold overnight, with likely small rise from here into the open tomorrow morning. When the market opens, that may be another matter.

 

Bernanke is looking more like 80 delta to get reelected now, imo.

 

"FV" ~872
"NFV" ~1066