This is not a cry to long VIX by any means, but it seems we are off the lows having had the lowest implied volatility in the first quarter of 2017 EVER recorded. Realized volatility was the lowest in 40 years.
What is does tell us though is that the rally is fading, uncertainty growing, and the key level to watch is the fresh low set by the S&P500 week before last.
While the breakout above 2117 has led to new all time highs for the S&P and started what many consider a return to the long-term uptrend, we're likely to see some resistance in the near term. The major timing and condition indicators used are all pointing toward some near term selling. Additionally, as the VIX approaches the 12 level, it's typically indicative of...
