US500 The saying is stocks "take the stairs up and the escalator down", but this feels closer to taking an elevator down. Hope we don't see base jumping anytime soon.
SPX The VIX is a bit oversold, yields are still up, and the ratio of calls is extremely high. This normally paints a picture of somewhat significant odds of a sizeable pullback in the short term. However much of the move up has been institutions covering their foolish shorting of the tariff narrative. So we are at the tricky spot of will this pullback or does it just indicate pullback due to the amount of short covering? Tomorrow we will have significant movement one way or another.