We have had an ongoing theme in NFTRH tracking how the market periodically gets the jitters to just enough of a degree as to reset sentiment on the micro-term in order to set the bull up to shove it down the shorts’ throats once again. I’ve called these little events “micro blips” (™).
Using the 120 minute VIX chart we noted some real humdingers to reset the bull in Q4 (blips 1-5), a couple of lame ones (6 & 7) and now, #8? For this blip to accomplish its goal the market has to erase yesterday’s nasty reversal and make new highs.
Here is a monthly chart of the VIX providing perspective on how long this seemingly interminable process can go on. I distinctly remember people fighting the VIX all through Greenspan’s inflation-fueled bull market from 2003 to 2007. It was part of why I named the website But it is what it is in 2004. I was at a point of realizing you can’t fight what is, whether bullish or bearish!
So anyway, we’ve got a pretty good jump in the VIX and we will soon see if it is the start of something or just another Micro Blip ™.
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