I understand that Friday is not the best day, with quadruple witching day. Volatility and specifically the broadly traded VIX futures is possibly a bad indicator considering expiry volatility and the numerous covering taking place for the next month/quarter, but VIX was holding up surprisingly well on Friday considering the S&P spent most of the day at its consecutive highs.
No science, but I think the smart money knows. Well, maybe that sperm looking Friday candle facing upwards.
I am long on a 2x VIX ETN. Commitment: 2% Equity at SL. Exit: See chart.
Risk: My view is there could be another 2% upside to the S&P before a leg down. Even so, the VIX might not hit SL.