Earlier today on In-the-Money, Dan Deming talked about the VIX popping up with some buyers but nothing major is happening at this point. What we are seeing is the back month futures at a very large premium. We are seeing wide spreads up to $6.00-$6.50 in the back months right now which could indicate further volatility. The market seems to be at a key inflection point and we came in to the 200 day moving average over bought. We have also seen confirmation in transports and the tech sector. The SMH is looking at possible new highs. The long-term is still a concern where we could be looking at a death cross in a lot of indexes where the 50 day average crosses below the 200 day moving averages which means we will be looking at momentum to the downside.
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