A nasty reversal after yesterday’s strong rally was a shot across the bow for the bulls. VIX perked up late in the day, something you don’t want to see if this rally is to continue. This rangebound market, let’s call it 875-925…may test the lower boundaries and possibly break there. Bonds were ripped on Wednesday on the heels of a poor auction. Put/call on Tuesday seemed to portray the action, which had very poor breadth and greater turnover. End of month is upon us, and again the 875 SPX level will be watched with earnest.
Hit ‘em straight!
by Bagger Vance
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