Another Overnight Pump

Once again, the S&P futures are at the top of the range due to another sharp overnight thrust. I have heard differing theories about the cause (POMO, etc.), but all I know is that a market that for whatever reason makes a large percentage of its net progress overnight rather than during the normal auctioning process in the light of day is a systemically unhealthy market. Regardless, I still do not think we've seen the top tick of this move. We are close. I continue to use SPY 123 calls for upside exposure against VIX 19 calls.