Jump Turn

I get up, and nothing gets me down
You got it tough
I've seen the toughest around
--Van Halen

Another big inter-day market swing. This time the direction was up, primarily it seems on the news that there were buyers today for a Spanish debt offering. Apparently, this sparked relief that Spain will not implode today.

While equity markets have been rounding high, volatility is characteristically doing the opposite--rounding low.

When we start seeing big strings of inter-day reversals, it often suggests a market that's getting ready to make an extended move. As to which direction, we'll have to wait and see.

position in SPX