The stock market is ping-ponging right now, and VIX diverged from the sell off today.
The economic data is very disappointing, and event risk in Europe remains elevated.
Let's see how long this coiling can go on before the markets start to move.
“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot