The VIX also rises. Did anyone think this "lead asset" and its various doppelgangers would just go away?
Did anyone think that Warren Buffett's disparagement would mean anything at all?
Of course not.
So now we have situation where Jerome Powell has to be subjected to Congress, some people are grasping on some negatives and we get exactly what I said could happen as we roll over and the scalpers come in.
My advice: Let it roll over. Let it roll over. Be conscious of the big gains people have. Understand that it's just too juicy to bolt and use the testimony as a good reason to do so.
We are overbought.
But understand that no trader wants to lose gains especially when the proximate cause of the losses, the spiking VIX is back.
Oh, memo to those who don't believe me about the VIX. Are you still really reading me?