Thoughts

This morning the futures are pointing to a higher open, but I still believe lower prices are coming. There are a few things that could change my mind and one is if the NDX makes a higher high above the downtrend line that is in place. I would also like to see the SPX close above 1100, and IV to drop back below 20. I don’t expect these things to happen today, so I will be cautious until there is more clarity.

The VIX made a higher low and a higher high, which is not a good sign. I don’t want to see the VIX above 30, but if that happens I think we will head sub 1000 on the SPX.

I have most of my monthly trades set except a butterfly, my criteria have not been met, and until they do I will only manage what I have on.