VIX Back to Earth

VIX should touch the April low before the rally concludes. Apple is about 1.5 percent away from filling the gap. My expectation is the 50-percent fibonacci will hold today, easily done as long as the indexes don't have a shocking reversal. Volume is all but dead today so a reversal in unlikely. Even though bear market rallies have pierced the 50-percent retracement level before, expect to see the claim that they "never have" spread like wildfire this weekend. That'll set up the final short-covering and retail rush into longs, which should conclude next week. There's less than 4 percent upside max upside left for the indexes. Some assets like ARKK are below their highs. Whether or not they rip to new highs along with the market or continue diverging will help inform how large and how long the final push will be.