Mind the Gap Into Football Season

A major point of contention developing is whether we are on the cusp of another volatility crush, so common in this bull market for years now, after any temporary spike up in the VIX, or instead if we have some unfinished business for some kind of rare VIX super-spike.

One simple way to gauge which scenario is to monitor the gap in the VXX ETF from September 1st, with VXX gapping up from $27.06. Volatility bears tried to take us down below it earlier this week but it did not hold, despite some sizable gaps higher in the stock index futures. 

Below $27.06, and the routine volatility crush becomes viable.

But, for now, volatility bulls are hanging on to the lion's share of gains in the VIX since August. And they are also hanging on by a thread to that gap to start this month. 

As for equities in general, I will flesh out the action, as well as some names holding up very well, in my usual Midday Video for Members.