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June 26, 2023
Something Amazing Happened Friday
The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. Hey Traders, It finally happened! I had been waiting for it to happen for what felt like months … The ProShares Ultra VIX Short Term Futures ETF (Ticker: UVXY) finally reverse split. On Friday the ETF – a 1.5X levered version of…
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June 23, 2023
VIX Hit Sub-13
The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. Hey Traders, The S&P 500 closed up 16 points on Thursday, breaking a 3 day losing streak. The VIX, however, did not break its losing streak. In fact, the VIX closed at its lowest point since January 2020, before COVID. So what…
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June 21, 2023
VIX Isn’t Behaving
The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. Hey Traders, The VIX closed at 13.89 on Tuesday. While this was technically up on the day, in the end it was actually down because of the weekend effect. But, given the S&P 500 being down two days in a row, shouldn’t…
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June 16, 2023
Market Took Off, So Did VIX
The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. Hey Traders, The S&P 500 closed up 53.25 points on Thursday, the VIX closed up .62 points to 14.50. In fact, the VIX was up all day … and take a look at a tick chart of SPX over VIX: You should…
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June 15, 2023
VIX Keeps On Dippin’
The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. Hey Traders, If you thought options were cheap leading into the FOMC, they’re even cheaper now. The S&P 500 initially tanked on the FOMC statement that there might be more rate hikes coming. The VIX actually went up. Then the SPX rallied…
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June 14, 2023
Big Opportunity Pre-FOMC
The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. Hey Traders, The S&P 500 rallied 30 points on Tuesday, a day after it rallied more than 40 points. The VIX did actually fall, but only by .40 points, which is small relative to the rally. But it’s some proof that the…
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June 13, 2023
VIX and SPX Both Up
The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. Hey Traders, The S&P 500 had another big day on Monday closing above 4300 for the 1st time in months. It moved .93% up to 4338.92, a nice 40 point rally. At the same time though, the VIX was up. Yes, it…
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June 7, 2023
VIX Continues Its Decent
The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. Hey Traders, On the heels of another inside day in which the S&P 500 rallied .24% or 10.06 points, the VIX broke 14 for the first time since the pandemic. Yes, it’s only by .01 points … but that still counts! With…
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June 6, 2023
Someone Took a Bite of AAPL
The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. Hey Traders, We’ve recently been talking about the concentration in the market. AAPL, MSFT, GOOG/GOOGL, NVDA, AMZN, META, and TSLA are now about 55% of the NDX and close to 30% of the S&P 500. And now they have a name –…
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June 2, 2023
Debt Ceiling Passes, VIX Reacts
The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. Hey Traders, Friday trading is going to be interesting. The debt ceiling will likely be behind us, and non-farms will be out. The VIX does seem to think the former is a sure thing and seems to be ignoring the latter. VIX…
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