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SPY & VXX Priced For Perfection?

|Includes: SPY, iPath S&P 500 VIX Short-Term Futures ETN (VXX)

1) Meaningful economic indicators every day of the week:
Tuesday: Consumer confidence
Wednesday: Durable Goods Orders
Thursday: Jobless Claims
Friday: Chicago PMI

2) According to my Fair Volatility Estimate Model, VIX's fair value is 16.2 and April VIX Futures' fair price is 18.0. (see graph)

3) Upside skew of VXX also steepend considerably today. The April 16/19 call spread could have been bought for 0.60. That's 3 to 1 should VIX rise to 19, which is not a stretch should the market have even a minor correction.

I believe SPY & VXX priced for perfection.

VIX vs Fair Volatility Estimate (NYSE:<a href='' title='Five Star Quality Care, Inc.'>FVE</a>) Model