Markets are in Transition

–market sold into dovish FED speak
–historical vol on Nasdaq
–volatility has yet to come up but VVIX is bid
–bond rally implications are only beginning to materialize
–market internals are temporarily broken
–be aware of percentage moves
–spuz are testing lower

SPX Expected Move  
–last week– 61.15 (expected move) SPX
–next week– 73.69

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