Volatility Continues to Drive Big Trading Ranges

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Our View

It’s ‘last call’ for July and things are getting a bit spooky. There was another 100 point range in the ES, NYSE volume was 540 million shares at 3:50, and they whacked out over 500 mil shares on the close. 

In the ES, they ran the upside buy stops then they ran the downside sell stops. The VIX traded up to 18.32, sold off down to 16.83 and traded back up to 17.83. Can you imagine, this is going to go on indefinitely and I think we are on the cusp of some very big moves. 

I'm going to keep it light today. I can't tell you anything you don't already know.