February 27, 2013 by Enis • Commentary

The rally in the past 3 months has been particularly surprising since the former bull market leader, technology, has been a serious laggard.  I’ve taken that as a long-term warning sign for the health of …

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February 5, 2013 by Enis • Commentary

What’s the market’s verdict on the best-looking region for investment over the past year?  Europe of course gets all the negative headlines.  China has transitioned from a laggard in early 2012, to a leader over …

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February 4, 2013 by Enis • Commentary

One of the first themes of options trading that I learned on the trading desk was that the best predictor of future volatility is recent realized volatility, all else equal.  Best predictor does not mean …

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January 29, 2013 by Enis • Commentary

The VIX has now risen for 4 straight days, albeit from 5 year lows.  But the VIX has done that while the SPX index has actually ticked gradually higher, as it’s up 0.5% on balance …

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January 2, 2013 by Enis • Commentary

Welcome to 2013.  SPX futures are up 20 points after the House passed the Senate’s fiscal cliff compromise.  What do I think of the Fiscal Cliff Rally?  Here is what I wrote on Dec. 10th …

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