Today was another example of how much smarter M3 is than my feeble old brain. I mentioned yesterday than although the short term ALERT had crossed the momentum raankings still had XIV in a vested position and that paid off handsomely today as XIV stumbled out of the box and then gradually rose to end the day with a 1.75% gain. Sometimes you just have to play the system and not try to second guess it.
The VIX actually ended down a few pennies and the indices were basically flat so XIV was clearly where the action was focused.