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This Is The Market We Have

|Includes: SPDR S&P 500 Trust ETF (SPY), VXX

Thesis:

Day after day in this market "they" buy the dip. We've had so little volatility (or moves greater than 1%), that volatility is near 50 year lows. Drip. Drip. Drip.

VXX Chart

Who is buying?

A combination of short-sellers desperate to catch-up to being underweighted heading into the election. The S&P 500 is crushing them on a daily basis and passive investing looms as a real threat to their jobs. (NYSEARCA:SPY)

Dont fight the Fed

And there's a few Trillion dollars forced into the stock market by dislocations in the bond market. So much money is sloshing around the world. This chart speaks volumes.

Yesterday:

Yesterdays mini selloff evaporated by the time my thoughts were printed. I was going to include the probability that we could recover the losses by the close (I was guessing 30%).

"It's a bull market until proven otherwise", I said.

You have to invest in the market you have. This is the market we have. Buyers for every dip. No volatility. High valuations. And new highs.

Drip. Drip. Drip.