hey JB, this market WILL, pull back off 1400, NO IFS-ANDS-OR-BUTTS!!!!!!!!!!!!!!!!! this market is running on fumes, the reason for the lowest volume in 17 years is, the HFTs can't find enough saps to unload there high priced paper on. people aren't stupid, wall st, just ran this up 50-70pts on the S&P a=in a few days on some comment from draquai? nothing to back it up? and by the way most of this massive run up occured pre market where the retail guys just watched! yeah where pulling back. i'd say 1300-1350 by labor day. after labor day the big $ comes back and see what happens. any sap who loads the boat on stocks after a run up to the S&P 1400 is nuts. any way will this help uvxy? who knows, because w/o a real fast blow off, uvxy may try to melt up like yesterday, but to get UVXY, moving fast, you need a quick seel off not a managed pull back. IIMHO. trading range today? 5.15-6.25, but no promises the extremes get hit today.just a guess.
Not everyone by any means, a few well known pundits have called a top recently. With the TPTB all aligned in the goal of assisting Obama's re-election, it is a toss-up. I can see them holding this above 1400 with a slow melt-up, then pumping this market up big time on a European stimulus announcement, and then going short big time if it looks like Obama is going to lose. Of course if ME hostilities boil over into action, finally, then how do they hold the VIX down then? It is a tough game to handicap anymore.
Or maybe they are holding markets within this tight range for the last week so they can sell as much as they can to the general public before the giant drop. (im referring to market in general not uvxy)