Here’s a short-term chart of the VIX, and it looks bullish for the stock market. However, the RSI indicator is a little extended which means there could be a minor pullback coming soon. Financials got hit hard on Monday. Really bad day for financials. It’s almost like the financials haven’t even made a rally off the March bottom. Any boost in that sector should be extremely bullish for the stock market. Big tech is still the leader. I entered into a small short position on the financial sector with FAZ in order to hedge my long positions (SPY, QQQ, DXJ, SVXY, SLV). If the financials regain some semblance of strength, I’ll sell the hedge.
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