Qs Rule

We got the long awaiting dip yesterday morning, but it was quickly overwhelmed by muted accumulation that drove the markets into green at the closeaccompanied by multiple new highs in the majors. It was more like watching OJ's low speed Bronco chase than a real horse race, but the Qs crossed the finish line as the winner by a nose.
Not a lot of disparity between the top 4 and, with EWC slightly lagging 5th place, the old leaders continue to lead.
Yesterday's VIX action was a classic example of how frustrating it can be to try and capture VIX dynamics with VIX options. Although VIX did make a nice pop at the open, followed by a parallel action in the calls, for the remainder of the day the whole scenario went bizarro. After an early dip in the VIX it proceeded on up to new daily highs. . a situation that was accompanied by the plunge in call values to the low of the day. Now I understand that there are only 5 days left until expiration but I'm talking about the 20's here, not the 24's.
Following that 9:30 am pst high, the VIX plunged straight down, losing 1.34 points or 7% from the daily high to close at it's low of the day.
Meanwhile, the VXX actually closed up .4% for the day, further muddying the waters. Some days you just can't get a break with the VIX and yesterday makes the point in spades.