Instead of a full recap of the market today, which did nothing all
day on the lowest NYSE volume day of the year, we will present just one
chart to show how it is that once again the market got its nearly
miraculous green close and last hour ramp to avoid a red close for the
day, and possibly week. The chart is, as has been so very often the case
recently, that of the spot VIX, where the now usual gimmick of dumping
oodles of VIX futures served to do one thing only: bang the close (a technical term, one which used
to be illegal) so hard that the market's algos took the reflexivity
signal implied by the evaporation in volatility as an all clear signal
and bought risk in what is becoming an expected daily occurrence.
And while the spot slid to close at 13.36, the lowest closing print since June 19, 2007, it was the dump in the last 25 seconds of trading that just had to be seen to be believed. Luckily, it can be seen below on the Bloomberg QR page showing it taking a step move lower from 13.38 to 13.22 at 15:59:35, before "recovering" to 13.38 just after the close.
VIXtermination full frontal:
And the promised QR screen.: Zerohedge
Article Via: Zerohedge
And while the spot slid to close at 13.36, the lowest closing print since June 19, 2007, it was the dump in the last 25 seconds of trading that just had to be seen to be believed. Luckily, it can be seen below on the Bloomberg QR page showing it taking a step move lower from 13.38 to 13.22 at 15:59:35, before "recovering" to 13.38 just after the close.
VIXtermination full frontal:
And the promised QR screen.: Zerohedge
Article Via: Zerohedge