Market Recap – July 01, 2013

I was surprised with the volumes today. Slightly below average, but I would have expected them to be even lower.

SPY gained +0.59% for the day, but was up nearly +1.3% around noon. If it wasn’t for a small pop right before the close, the gain might have been closer to +0.4%. I am mostly waiting on the sidelines until the market either breaks decisively higher or rolls over and decides it wants to move lower. I expect at least a retest of recent lows. This bounce hasn’t exactly been setting the world on fire.

The VIX term structure is still in moderate contango and shifted lower across the board.

Today’s charts are below, courtesy of StockCharts.com and Trading Volatility.

Disclosure(s): Short volatility at time of writing.

SPY daily chart VIX term structure chart - contango $NYMO $BPSPX $USHL