As the markets sit and sit here, the IV's are holding up surprisingly well, right now. However, I would begin to keep an eye out for the weekend melt, especially in March options.
The market shrugged off this morning’s bad news on the backs of the financials. There seems to be report after report about the positioning of the big banks if the economy starts to turn around.
Across the board the broad market indexes and the major volatility indexes are both up.
I am not much of a charter; however, the SPX is about 4 points away from the year high. Personally, I believe the market is mostly psychological and somewhat fundamental.
Today's late day sell down did not evolve into the serious selloff bears have been holding out for. However, it was certainly a good sign for all the shorts out there.
After several of the indexes were up almost a full standard deviation mid-day, the markets have turned around this afternoon.
It has been exactly one year since the markets bottomed out after the disaster of 2008. Since March 9th, 2009 the SPX is up over 70%, the NDX 81% and the RUT is up almost 97%.
The indexes continued their win streaks again today.