JPM rocketed higher by 7% after raising its dividend 20% and plans to buy back $15 billion in a share repurchase plan. The banking sector is looking very strong and there should be lots of continuation in these names. The ^VIX fluctuated from a low of $14 to a high of $16. It closed at $14.80. Generally large fluctuations signal that a huge move is coming and I think we saw that today. The SPY is looking extremely bullish and until the market breaks down, the trend is your friend. The last time the DOW was at 13,177 was in 2007 before the credit crisis. Volatility could continue to stay depressed for a long time, but I believe it is very risky to be short volatility with the ^VIX at $15.
Written by Cam Patrick
@Cam_Patrick