As has been the recent pattern, we saw an early gap and now range trade persists with evenly matched up and down volume. Speaking of volume, there is none to speak of and I want to be on guard for any air pockets that may materialize as we push well into overbought territory here. For that matter, somewhat contradictory to the green on the screen, Cumulative Tick is negative albeit mostly running sideways. In case you missed it, the VIX has finally broken 20 — who would have guessed that one-year ago?
