🚗VIX Closes on the Lows

[] [The daily rundown of everything happening at Option Pit.]( [.]( MARK-et Open Hey OP Crew, Vol Man here with my weekly analysis. I owned some 420 and 425 SPY calls for this week and was happy when I sold them for $4.00. Clearly I had little idea that they would go to $20 or more. Let’s just say stocks liked the word salad the Fed Chairman had to say. What is he going to say? Inflation is not as high but rates are, and they might go higher. All the market heard was “no more rate hikes”. SPX 4200 was 200 points ago or just under 3 weeks ago. AI got stocks going and the Fed helped. We even had some near term highs on Friday in SPX before traders got tired after the massive run. Note that the sigmas are still flat even with the SPX higher [ SPX daily price action over the last 20 days Normally I would say that is a bad sign as the sharp rally won’t hold. SPX rallies with declining IV tend to hold up better. VIX closed at year lows, but much of that was helped by the 3 day weekend. [ Closing VIX curve, Jun 16, 2023 The VIX curve is back into a steep contango and VIX drops now will be hard won. Until we have some serious sideways SPX action, I don't see VIX dropping below 12 anytime. VIX is uncharted territory as it keeps making lows from the highs of 2020. This has been a very long ride to get back to a lower VIX base with occasional pops higher. [ VIX 3 month chart with 1 day candles. I am still in the rest of the market in rally mode, and I think it could happen. NVIDIA Corp (Ticker: NVDA) getting to a $1 trillion market cap seems to have slowed the climb some, but Microsoft Inc (Ticker: MSFT) was more than happy to pick up the mantle to get to all time highs. Seems VIX just gets to the 13s, but I think SPX pushes closer to 4500 than 4300 next week. Let’s Go! [/campaigns/org775804783/sitesapi/files/images/774695510/ag (2).png] Profits In Pumps: Thanks Dad Those of us that are parents know it may be the most difficult and the most rewarding job there is. Is it a job? Hell yeah it is! I have always reminded my son, while I am nagging him, “I am your mother and it’s my job.” I know there have been many times in his 19, almost 20, years that I have second guessed myself. Many times I have had to apologize to him. I can remember asking an old friend his best advice for parenting and he said just love them, that’s all you need to do. That’s the easy part, right? I am thinking about all this as I would like to honor all the fathers out there. Especially my Dad. Technically, he’s my “step” Father but he raised my sister and I as his own kids. That included discipline and chocolate cake breakfasts. I have always thought people who adopt children are saints. My Dad falls in that category. Thanks Dad. Love you so much. [ [Continue here for a look at the Walmart (Ticker: WMT) chart and a new trade idea.]( - Licia OPTION PIT GLOSSARY [( There are plenty of terms in the trading world that need defining. The [Option Pit Glossary]( is here to help. 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