Markets are moving higher apparently..... although we're actually just treading water at this point when we consider momentum.
Below is a look at the 7 month XIV versus SPY premium chart. We can see that the current situation is historically unique, with the premium actually having a negative value earlier on in the year.
If XIV mean reversion kicks in then all bets are off and the exit doors are going to get crowded in a hurry.
For now we have the odd M3 ranking of SSO in #1 slot and the new M3 dashboard is cautiously optimistic.