The market continues to churn in a wide range, but there are some signs of change.
Hedged trading has begun under performing the underlying index, signaling short term bullishness. Volatility is falling, but remains high, so stay cautious.
TBT has showed impressive strength in the last few days, even during the sell off. This is my favorite long candidate, target ~50.
The weakness in the VIX is encouraging, but one day does not make a trend. I’m still very cautions, and more liable to sell rips than buy dips. Nevertheless, if Treasuries continue to fall, I will begin to get long.