Here's the daily chart of the VIX and Qs one hour before the close today on low, low volume.
Some interesting developments in the VIX this week as the Qs (and SPX, et al) melted up to almost kiss the benchmark SPX 1000.
As can be seen from the upper chart the VIX chugged right along up with the major indices, an anomaly not usually seen multiple days in a row.
The VIX technicals are now looking overbought, a weird situation given the the concurrent new yearly market highs.
Meanwhile, the Qs technicals are divergent with a bias towards a mild retracement.
I closed 60 % of my GE longs yesterday and today and covered the remainder at 13. After over a 10% pop in 2 days I'm expecting some degree of retrace and will consider new longs at that time.
For now I'm setting 90% in cash and flat the market. Reiterating previous comments . . . I think it's too late to get long and too soon to get short, preferring to see which way the market breaks before buying any risk.