A relentless stream of selling by Bank of America's "smart money" clients stretching for over 4 straight months, or 18 consecutive weeks, is finally over. As BofA's Jill Carey Hall reports, last week, during which the S&P 500 was flat from the prior week, BofAML clients were net buyers of US stocks for the first time in 19 weeks, breaking a record-long selling streak that began in mid-January.”

VIX has been surprisingly quiet. I wouldn’t put it past the powers-that-be to do a little VIX stomping to reignite the SPX rally. So far this hasn’t happened.

VXX made a final (?) low this morning at 12.83, which is where the “action” is. It should turn in the next hour or so.

TNX has begun its descent. It appears that the “safe haven” money flows have begun.

Regards,

Tony

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