Late last month, somebody asked whether tech was safer.  For those of you playing along at home, the correct answer was, and is, “Yes.”

Today, the Nasdaq 100 continued to do what it does, and the QQQQ closed up 1.6%.  We currently have an iron condor position open in QQQQ, and the index actually (though only briefly) kissed our short call strike of 50 today, before a little afternoon selling showed up.

Rather than speculate about today’s action, we’ll leave you with the fact that the 2-day RSI on the cubes sits at 94.10, which is obviously not the absolute max, but is pretty darn overbought.

Oh, and the VIX is meanwhile getting ready to test its 50-day moving average.  A bounce in volatility would be kind of expected, but a continued drop would not necessarily mean all that much, since we kind of just skipped the whole 15-22 range back in late July.