We are undergoing a significant spike in volatility, as all of the cocaine addled hedge fund managers scramble to ‘lock in’ their -3% loss for the year, before heading out to the Hamptons to perform the ancient ritual act of Prima Noctis upon their subjects. Put buyers are getting anxious. As such, VXX tits has inflated.
Overall, it’s a dreadful day for equities, with all sectors in the red and 75% of stocks lower.
Gold is higher by 0.7%, but the miners are lower. This usually occurs when markets are in distribution mode. Investors are selling their hot money gold stocks, in order to raise cash. This doesn’t affect the price of gold itself, because most of the hot money is allocated in higher beta gold plays.
Lastly, treasuries continue to be a safe-haven for large money managers. As captain of the ark, I can tell you there are only a few spots left on the grande ship, right next to the Venus Flytraps and antelopes.
there is massive vix position so it there is alot of fuel to burn before overbought.
so there is alot of vix shorts to run!
Machiavellian
Orwellian
Fang-tabian
Not hideous, but definitely ugly. I’m thinking this will continue until the BREXIT vote.