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The market was marginally higher today, yet the VIX rallied.
Normally, if I see the VIX rallying with the market, especially on a ‘Meh’ up day, I get a little nervous.
However, there is something funky going on with the VIX options right now, that is making me think there MIGHT be something else going on…
Take a look at the option volume in VIX December options:
The two biggest trades of the day were in the VIX 19 and 20 puts, customers buying them
This is the equivalent of buying calls in SPX.
SPX also has a bunch of upside call buying.
Thus, I think we COULD be heading for a blow off the top run in the coming days.
This could lead to some selling afterward, but in the very near future, I see a VIX sub 20 and the SPX making a run at 3700.
The VIX light is SCREAMING RED.
Your Only Option,
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