Whippy Trippy Vol

"One minute you're up half a million in soybeans and the next, boom, your kids don't go to college and they've repossessed your Bentley."
--Louis Winthorpe III (Trading Places)

Been a while since we've seen three consecutive days like this. Dow down 270, then up 270, then down 330. Increasing volume too.

Vols this whippy often portend big moves--particularly in the form of big trend reversals. The intuition is that markets may be in the process of shaking off a long prevaling sentiment--which in this case has been wildly bullish for years.

SPX 1900 remains the important technical bogey below.

position in SPX