…..bears take warning. Indeed so.
It wasn’t that long ago I would be pretty jazzed about big red numbers to greet me at the start of the day. Ever since Mnuchin fired up the PPT machines, though, red numbers are meaningless. The equity markets simply get bid up through the day. Just look at the /ES chart below:
Thus, I remain on the light side with respect to positioning. The efforts to win back confidence are succeeding, as the VIX has descended from nearly 37 to, now, well back into the teens.