The Bulls Settle Down…For Now
Basically, there’s no fear in the market right now after Wednesday’s Fed move. It was just reported that “the last time investors were close to being this short VIX futures was in February, just ahead of a 34% spike late in the month”.
I’m not calling for a 34% spike in VIX prices but when things get this complacent, eventually something gives in over the short-term.
Yesterday’s quiet behavior was very typical of bull market behavior after a large one-day move. The market remains overbought and we’ll wait for it to move back before entering any long ETF positions. Ideally the pullback will be extreme.
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