A VIXtorious Option Trade

There’s much to be said about sentiment readings. Although, as we mentioned last week, they can be notoriously difficult to employ successfully.* It’s just too dang hard to quantify what’s an ‘extreme’ reading for most of them.* And it’s only the extreme readings that we’re concerned with.

That said, last week something interesting occurred that we don’t see very often.* A bevy of sentiment indicators lined up together in the overly-bullish column, producing what we feel is an event worth noting

We’ll leave you to do the math, but it does look a tad worrisome

given that we haven’t seen a breakout in the major averages to…