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Strategies & Market Trends : General market lab and commentary

SPY 671.91

0.0%

Nov 14 4:00 PM EST

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From: Robohogs	4/12/2016 1:02:23 AM
	of 668

Skew remains supportive. Breadth on nyse continues to improve with materials stocks. Indexes underperformed breadth dramatically. NYMO actually rose. Third day in row with hod early and lod late. Ios awful. Article in bloomberg about 10% bets down in SPX but few on upside - wonder if the call side somehow skewing skew results - pun intended, in which case low skew may be wrong as high skew in puts gets offset by low call skew. Put calls not supportive here, but not too negative either. They are pretty low but not yet extreme. Cash to front month vix contango in danger here at 4% but largely due to no life left. I think the Aprils go bye on Wednesday. Rest of curve extremely steep April to May. There is big flattening in outer months. I don't love structure - could easily backwardize at end and May calling for new volatility. Deutsche and Jeffreys singing my tune. Earnings to dramatically improve. Bad earnngs in past. Future earnings count. Scarily, Cramer was singing from same book earlier. I still say higher next 4-9 trading days. Except bios. Going to -100. You pay to sell them. Jon

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