Thursday, August 10, 2017
As of noon today, $VIX futures are still contangoed.
So this right now is just bullshit selling by people who want to puke into empty bids because they think other people are going to puke into empty bids later.
By the way, on the topic of Republicans:
The "Trump Bump" was the result of Republicans, who avoided getting into the market thru 8 years of Obama because sociamalism, suddenly deciding to go long US equities because they were going to get Obamacare repeal and tax breaks.
Now, they see that Obamacare repeal is never going to happen, thus tax breaks are also less likely, they're scared of losing the House in 2018, and instead of delivering unicorns and lollipops they think Trump is going to start World War 3 with Norht Korea instead.
Thus the shine has gone off the Trump administration among Republican investors.
If that's so, $SPX should go back down to 2000-2200 or so.
Which is a 10 percent drop and nothing to piddle your frilly pink girl-panties about.