Its O, as is Oh @#$%, or Oooops. Every O tallies a significant breakdown in the broad market. I’ve been counting them since the January.
VIX 20 is just an arbitrary number that sets an alert in my mind to watch carefully the sentiment in the market. As we know, VIX numbers don’t really mean anything, it’s the “spikes” in the VIX that signal panic or greed.
Today market down and VIX is up. Let’s give it another O.
That beautiful inverse correlation…
Short-term bottom 16: