18 January 2013

SP 500 and NDX Futures Daily Charts - Triple Witch Highs, Complacency Reigns

As you probably know today was a triple witch and the put buyers were being beaten soundly especially in the non-tech areas.

VIX, which is a measure of risk sensitivity, took a big dive today. I used this to buy some volatility (long VIX) for a hedge on my long bullion.

I would not jump ahead of this ramp job in equities however since it looks like the debt ceiling confrontation will be deferred into April. This gives the wiseguys more room for antics.

We have a three day weekend in the US with Martin Luther King Day on Monday, on which all markets will be closed.

Have a pleasant weekend.