The markets have more lives than a cat. Stick-saved again today, at least so far, the day is young. SPX:VIX ratio punched back above 68 at 10:14 AM EST so that nullified any large sell off in the indexes.
If the ratio moves back under 68, however, the bears will be singing again. Above 68, and the bulls are enjoying the party.
This action is particularly interesting considering that key sectors such as semi's, financials, retail, copper and volatility are all in the bear camp.
The ratio has to come back down thru 68 for the markets to experience a large selling event. It may happen over the next hour, or it may occur tomorrow, or the next day, or a few days from now. When the ratio loses 68, however, the indexes will sell off large, so it is an important tool to watch right now.
SPX:VIX print right now is 69.19 so the bulls are in control, comfortably above 68, at least for the moment. You know what to watch.
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