Wow before the day began I thought stocks were ready to drop into an intermediate correction. Not long after the open it became clear that scenario was coming off the table and another shot at the all time highs for the SPX and 8000 on the Nasdaq was again in play.

We had to jettison our VIX position quick and get long stocks again.

August or early September would seem to have been the best time for stocks to correct after the FOMC meeting yesterday and before the September rate hike. Now I’m starting to wonder if the market is going to be protected all the way into the next rate hike.