Crude is at the lows of the day. Credit markets are at the lows of the day. Treasury yields are near the lows of the day. So it makes perfect sense that as Europe closed, “someone” would take the monkey-hammer to VIX ETFs (in particular UVXY – the Ultra-VIX ETF) and that rips stocks higher. What is most odd is that VIX (the underlying index) is not falling (as the ETFs appear driven more by futures out-months shifts and position-squaring).
Stocks rip as UVXY dips…