The markets go up and the markets go down. It is when they do it to extremes with nothing fundamentally changing that you get price extremes, and then a course correction post news. Buy the rumour, sell the news. So is this recent rally hot wind and thin air, a Fugazi? We find out in a few hours, and no doubt you already have.

The VIX pushed higher then spiked higher, despite the overnight and morning moves up. Gold is breaking out like it means it. Then the turn came. Is this the top? A blow off top? I remain a nervous bull, I am staying sidelined on the swings, and I am taking the day trades instead. Plus crude’s sell the rally and a Popper day that started with a loss.

The BOFF BOOM move might reach Mars before Elon does. But the VIX is staying elevated and pumping a little higher on the same days SPX is printing new highs, and that is not how it is supposed to go. Bull trap, blow off top thingy, or just a stubborn tape? Plus a simpler transformer that landed both profit tents.

Yesterday I said gap higher, trade lower. The setups said go bullish. Guess which one got traded, and guess which one paid. Plus ES prints an overnight NATH, crude reacts off the same zone again, and ETH/BTC has a bigger bear move on offer below 0.0287.

Crude fell off a cliff over the weekend because a bomb wasn’t dropped. I kid ye not. Stock index futures are gapping up small to none depending on the index, SPX is heading straight into the longer term range highs, and RUT is shrugging the whole thing off. Plus a Wall of Wins full to the brim to close out July.

Just when you think the bulls are locked up and the bears are loose, everything flips over and SPX lands right back inside the same tight range it was in before FOMC. A lite one today. The TnT setup can wait, the month paid anyway, and my bags are already in the car.