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We continue to see the market duke it out in a bloody battle, in plain sight.
The VIX managed to rally yesterday and is down today…
The SPX was also down, about 20 points yesterday but was up over 35 today…
The NDX was up both days.
The DJIA got hit the hardest yesterday and now up the most.
A seesaw!!!
This is because the market has become so top heavy.
We see a market that is built out of a Tinderbox held up by 5 names.
The market could be due for a real pull back.
At the same time, the VIX is probably not going to go back to 80, but it might make a quick trip over 50.
I say this because we are starting to see a real bid in VIX options.
VVIX, the VIX of VIX options is no longer falling and if anything is ticking higher.
The fact that the VVIX is no longer dying, to me points at some upside call buying starting to hit markets.
While it was still slow yesterday, the VIX May 50 and 60 calls saw an uptick in volume today, so did the June 72.5 calls. The July 70 calls traded over 23000 times Tuesday.
This type of action was almost certainly buying, and a sign that hedging activity may be starting to creep into VIX Index options.
The VIX Light is Yellow
Your Only Option,
Mark
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