OK market party goers, that was a lousy Friday but we avoided being stopped out of our SPY and SSO positions and Monday's picture does have a bullish technical edge.
XIV meanwhile, which should be displaying a beta of between 4.5 and 6 has been a dismal performer of late as a quick look at the XIV premium chart reveals (% change in XIV measured against SPY).
If the bulls are going to gain any traction the XIV premium needs to get going upslope. meaning a lower VIX and a smaller intraday volatility range. Of course for now there's nothing proactive to be done except track these indicators and apply our risk management accordingly.
The new M3 login password will go into effect Sunday night around 6 PM PST.
It has been emailed to all active subscribers. If you haven't received yet, let me know.