OK...this is the last trading day of the month, not Friday, as I mentioned last week...and it was a strong day. Actually, it's the first trading day of the month that has been historically strong. Since this is a widely known fact many traders try and game the event by simply buying the last day of the month.
If you had a chance to catch "60 Minutes" last night on CBS you got a glimpse into how you and millions of others are being shafted by high-speed trading firms. And, if the IEX ever decides to go public with their exchange it will probably be a whopper of an IPO to buy in to.
The XIV is continuing to accelerate upwards as the VIX settles down to the bottom of its 2 week channel. There may be some hiccups along the way but this is definitely a bullish turn.
The strength of the XIV can be seen in both the 5 minute and daily bar charts below.
Meanwhile, XLE, which broke to new highs on Friday, pulled back a bit into the red after an early surge to another new high. (VEGA model below)