The big corporate news yesterday was that Dicks Sporting Goods was taking over Foot Locker, which caused DKS to plunge and FL to soar. I find gaps fascinating, and it’s striking to me that, in the midst of this takeover news, FL acted perfectly from a charting perspective and instantly sealed up its price gap from last year! Of course, this entire post is probably offered just to give me the opportunity to use that title.
On a more serious note, fear has absolutely left the building, as witnessed by the /VX futures.
Let’s see if the series of “higher lows” can stay in place with the $VIX. If so, this is probably a great place to be getting into bearish positions.
