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The last week has absolutely stunk for the one or two bears left in the solar system.
Ever since the close on Warsh day, the VIX has withered away from about 21 to only two-thirds of that amount. Think of that! In the span of six trading days, we have eroded to what has been a floor for the VIX for years, based on – – what? – – sailors jumping off the U.S.S. Lincoln?
If there are any surviving bears out there, things are not looking good at all. The /ES is surging toward what, if crossed, would be an important breakout and throw gasoline onto the 18-year-old bullish fire.
