Possible "local" peak in VIX raises probability of rally on Friday post-Aug jobs report

On Friday, August jobs report is released at 8:30am ET, the first of 3 key Sept macro events (CPI next week, FOMC week after). For reasons discussed below, we believe there is a high probability of a rally post-Jobs report.

Foremost, we believe we saw a possible "local" top in the VIX, which surged to 23 this week. Currently, the VIX stands at 20 but the key is the term structure inversion:- the peak of the inversion was Tuesday at -0.50 - currently at -0.04 and could flip ...

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