By Lawrence G. McMillan
The feature article deals with the fact that, once again, $VIX is receiving criticism when it really shouldn’t. Most people really don’t understand what $VIX should and shouldn’t be used for. We try to shed some light on the topic, in light of recent articles published on the subject.
Our market opinion is on page 5. All of our indicators are bullish at this time, with only a few overbought conditions. We have a target in the low 1700's (basis $SPX) based on the Total put-call ratio.
On page 6, there is a discussion of the new covered call writing ETF, HSPX. Also, there is an article about the fact that spread margin has been raised on $VIX futures spreads. Moreover, we re-visit the 55-day rule.
Two earnings-based volatility (diagonal) spreads are recommended on page 7, and two new put-call ratio recommendations are made in QCOM and GS.
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