

A whooping 23% drop in the VIX today brings it down and through the lower band and 20% below the 10 DSMA. I don't believe this condition can be sustained short term, although we may see a little follow through tomorrow prior to a reversal.
I went delta neutral on 30% of the portfolio this morning and ended up leaving some nice potential gains on the table. Nevertheless, the residual portfolio produced a good return today and because of my risk adverse attitude, I don't regret my hedging. I'm in a holding mode for the next few days until I see how the current pop plays out.
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