Our FREE Investing Newsletter
    Get Exclusive Summer Sale Discounts

    By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails. All Hedgeye products and services are subject to Hedgeye’s Terms of Service available at www.hedgeye.com/terms_of_service

Volatility is smashing the bears in the teeth. Every time the market has a mini-selloff, it is no longer confirmed by a ramp up of the VIX. The SP500 is basically flat on the day here, but the VIX has now broken 45, trading down another -10% from where we signaled the bear mace sirens yesterday. My critical “Trend” line of support for the VIX was $50.14; now that we’ve cracked that and confirmed it, support becomes major resistance up at $50.81.

I would tread very carefully into your short positions – it takes a bear to know one. This is starting to get painful for the bears who are still looking for panic selloffs. The freak-outs aren’t coming as predictably as they used to. This remains an objective trader’s tape. The math is winning.