I imagine some of you notice the VIX has been getting squished down to some of the lowest levels in history. It was only a week or so ago that the VIX was approaching 17; today it had a 11-handle as complacency and delight with equities continued to metastasize.
With just three trading days left in this wretched (for the bears) year, the no-volume melt-up simply continues uninterrupted. I actually didn’t have a bad day today, as I continue to beef up my holdings with carefully-chosen positions. One of my favorites right now is XLU, which I am short, and which I augmented today. Although the chart belown looks like I’m trying to make a cute rendition of a cat in a Japanese cartoon, what I am trying to show is the double top and the risk the supporting trendline has of getting broken.
Traffic has been surprisingly steady here on Slope this week. Things were even bustling on Christmas Day! I’m going to continue to be around during the so-called holidays, although I will be traveling from January 1 through 5 and blogging less frequently during my journeys.