VIX to 70.56 as Markets Start to Snap Back
How long this snap back will last remains to be seen, but there is a strong possibility that we just made an intermediate bottom
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5 comments:
Looking at 5min charts, it seems the VIX itself has been getting very volatile. Do you see any significance in this?
Given current market conditions, I see the VIX intra-day moves to be about what I would expect -- though there were some apparent erroneous VIX numbers (e.g., the low of 28.13) earlier in the session.
When people stop speculating that TODAY or TOMORROW might be the BOTTOM, that should be a pretty good buy signal.
Remember: bottom-spotting is really a bullish sentiment, with the opposite effect. None of the down days have been bad enough to trigger the "circuit breaker" mechanisms that result in an automatic timeout.
Never fear. We may see that soon, and then we'll see something more like real panic, and not just a picnic.
What about doing a bear call spread on the VIX now? Seems like easy money here.
Here's a sure money loser: buy the Nov VIX 70 puts for 30 bucks a contract LOL.
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