From Viet Hustler's Friday analysis:
"However, most hedge volume is concentrated on exp 11/17 to cover FOMC. With today's 10Y yield retreating below 5% and SPY holding above put wall 420, if no additional macroeconomic tense events at the end of the week, VIX will mostly return below 20 and create a 'quiet' period for the market to have a shorts-cover rally early next week."
After the shake at the session open when bond yields unexpectedly hit peak in the morning, the US stock market gradually recovered after the first 30 minutes of opening. Yield plunged sharply throughout the morning as hedge funds rushed to take profit on shorts positions, creating stability in investor sentiment, pulling SPY/SPX back above put wall 420/4200 with SPX back to positive gamma region.
