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Liar liar , pants on fire but which one is it? USD/VIX or SPX?

As expected, the US markets experienced a decent bout of volatility and the price swings were wild but nevertheless the SPX managed to end the week at new highs. We are not ‘buying it’. In fact we are positioned for a countertrend move and also initiated Dollar long positions just before the release of the NFP report. The technical clues were very evident and we liked the upside probabilities. We got rewarded. Now the question is who is lying, the SPX or the USD/VIX. Next week we may have the answers.

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