Who knows? This is a bear market, and it is certainly a much more unstable market than previously. I realize the VIX has decreased to 20...can't help thinking that short covering on expiration day was a major factor. Seasonally, the VIX starts to increase over the next week or so. We also had good earnings to=day. But earnings may not all be as positive as they were from goog and ibm.
today was a suckers rally...we still need to break out of the 1402-1408 range to test new highs and see if we can go back into bull mode, at least for the short term. Other than that, the traders are are in control of this market and its getting tossed like a rag doll... To me it doesn't matter where the market is, I take any side of a trade as long as there is a profit involved.
vix has been dropping. investors increasing their risk appetite when the economy still has its head in the sands. i don't think we'll see a crash but i would be getting out of many long positions and wait for some visibility. even things like pot, mon, etc that i'm high on have run up so much. too much liquidity in the system, too many risks.
The Markets are showing good strength. Trade with the trend until it shows otherwise. Sincere condolences on your short position.