The overnight move was again impressive. The NDX especially was strong and opened with a gap. That did not hold and the indexes closed on their lows. After hours, GOOG missed its earnings estimates and sold off about 3%. This could put pressure on the NDX tomorrow.
The SKEW went up a bit to 129 today. It's still a high number, but not extreme like a few days ago.
VIX fell today and ended in the 10 handle. VXST remains only slightly below it at 10.05.
I had to move a lot of trades around and add more put spreads. Yesterday I added a small bull put spread at 5070/5050 for only 70 cents. Today, I added another at 5100/5090 for 40 cents. These are just trying to cover some of the adjustments to the calls. They all expire tomorrow in the AM.
I moved a few NDX call spreads yesterday to next Friday expiration for a credit of 20 cents by widening the strikes from 5130/5140 to 5160/5175. Today, I moved the rest of the 5130/5140 that were to expire tomorrow out to next Friday by moving them up to 5140/5150 for a debit of $1.80.
I did not move the SPX calls at 2285/2295 as they expire next Friday. There is a good chance we will see some pullback before then.
This bullishness is really spectacular given the low level of VIX and the length of the rally already. The RUT has not made new highs yet, however, and was leading to the downside today. This may foreshadow weakness in the market soon, but until signs of a reversal arrive, the market is bullish.
