Interesting action today. My gut still says we're not quite there, but I picked up some more VXX anyway at 16.55 after the FOMC announcement.
12,839 VIX Oct 25 calls were bought today, along with 12k Oct 30s. Obviously some others are not swallowing the Fed's uncontradicted bull dope without a chaser. Closer to the money, these are even bigger bets than yesterday.
Oil sold off, and yen strengthened. One suggests less economic growth and the other suggests risk aversion. Interesting. The Fed supposedly propped the door wide open for quantitative easing. And Cramer gave us the green light to buy buy buy. Still we failed on a daily basis by closing under yesterday's high.
Personally, I think the Fed unintentionally tipped its hand today. They're a little scared, but still posturing as if they're pulling all the strings while they're merely pushing on them.
Very interested in reading your thoughts as you post them but I wish you would post more often. Would it be appropriate to ask questions on this blog about how you see things transpiring in the Forex and Eq mkts going forward and of course how intermarket relationships effect your thinking. I wish I had known earlier about your trip through part of Canada, as I would have gone out of my way for a meet-up.
ReplyDeleteThanks for your comments, Tom, and for the nudge. I promise to post more, and will certainly focus on intermarket analysis. Please ask any questions you like. All are welcome. Take care.
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