Watching the VIX

The AAII poll has crept back up into majority bulls (~1.3 bulls/bears).  Remember these twoposts?  Those were pretty spot on.   Here is the $VIX charts referenced in those posts, and what ended up happening:

Now we need to see how far any possible retracement can go in the broader indexes, or if  they can rally past retracement status.  Nasdaq-100 ETF put options gained quite a large percentage yesterday (May $35 puts were up over 100%).  I am certainly expecting at least some sort of retracement soon in the index (from that ending diagonal count posted yesterday).  Any short positions from the most recent   recommendation should be trailed or monitored closely, if trades are still on.  It rarely pays not to take a quick options profit in the closer months.  For other short positions or further out trades, the count is still working and more downside could be ahead.  Look at where the $VIX is sitting longer term:

2:03 AM