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Hey traders,
For the past few days, the market has been looking for some sort of stimulus deal out of congress.
I have to say, I think the market is starting to get worried that our leaders in Washington might fail us.
Yes, the senate voted…BUT it’s not FINAL YET!
The VIX is now almost back to 25.
More interestingly, and I know this contract expires in a couple of days, the curve went a touch ‘backward’ today as Spot VIX pushed itself over the December VIX future.
I think this points to the fact that if a deal truly does fall apart, the market will as well.
It also points to a quick rally back above 3700 if we DO get a deal.
Right now, the VIX and SPX are still behaving like something is going to get done… however….
…they are also clearly showing signs of nervousness.
I think the VIX will be below 20 if we get a deal, if not….
Maybe a legit crack at 30.
The VIX light is RED, for now.
Your Only Option,
Mark Sebastian
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