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At the height of the mini hysteria, I shorted the VIX and made a quick and profitable round trip. That was at the open (right at the orange highlighted dot) on Liquidation Monday, as the margin man made his calls (as expected). It was covered in the first hour at a very good profit.

Since then we have been cross referencing the VIX’s pullback with upside targets on the S&P 500 (1975 & 2040). Yesterday SPX made it to 2020 and VIX dropped into the target zone. As we noted in an NFTRH update this morning, it is still FOMC week, so the ride – as man and machine react – can be volatile.

But the above is not a market-bullish setup. That was back at the orange dot.