Started to Short the Market Again
The VIX is approaching the 200SMA with an extremely oversold position. I do not like the set up, regarding the market.
Make no mistake, there is no news that developed that would merit a sustained rally. IBM is one of a few (very few) tech companies doing well. What is good for IBM is good for IBM, not the macro environment.
In general the market is cheap, as a lot of names were punished to levels that should not be, hence the market rise. But the macro back drop still sucks, and the markets will be range bound for some time.
I will post a more detailed view of the market later today, but now is a good time to start shorting the market again.
