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A 9.29 VIX and vol should be cheap everywhere

9.29 VIX and it feels like we are putting the holiday in to the SPX IV already.  9 VIX does put me into a bit of a buying mode so I started going through my list of names that should be at lower IVs over the next 90 days.  And low and behold I did not find what I thought I would find.

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Incredible shrunken volatility

My best trade idea was early in the week with the SPY/QQQ pair.  After talking with Mark we think the big end of year tech rebalance is over so that idea could have some legs as that sector recovers.  Congress could still provide some fireworks as Dec 15 looms but nothing is really sinking the market for stocks.  Maybe all the volatility is going to Bitcoin (BTC) so that could be a dampener.  After all BTC is worth more than WMT so we got that going.

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The Volatility of Politics

Stocks are stuck to the vicissitudes of Congress until the recess on Dec 15th.  I don’t see how much can propel us higher or to touch the ATH’s we reached earlier on Monday.  The nagging bid for Treasuries is a bit disconcerting as well.  Today we had the ultimate “What the Hell!” signal out of SPX, meaning VIX down, SPX down.

 

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