After the morning gap close on the housing report, cumulative tick and the advance – decline line turned on a dime and exploded higher. However, thus far price hasn’t been able to do much with that and the SPY remains relatively flat-lined just above its green VWAP. Perhaps we’ll have a stronger second half of the day. That said, usually not good to see both price and the VIX rise, which is exactly what we are seeing. I probably don’t need to mention it, but volume is the lowest in over a month – so anything goes really. Meanwhile, all eyes in the trading room remain on SPX 1121.
