Relief Rally In
Markets are bouncing back and are trading up about 1%. The VIX has collapsed back to about 30 from around 40, and if the markets were to stay were they are, it would mean that the bottom might not be in yet. This rally is too quick, too fast, and the collapse of the VIX confirms the lack of sustained fear. It would be the perfect relief rally, which I will be very happy to short again.