Its not always like the picture being painted...
Last week's posting is definitely worth updating, so that is what we are doing today.
These comments still apply from last week (The chart is updated as of yesterday.)
Short term the market is showing oomph and the Fed is happy for now.
What about the Medium term ... what is going on?
If you construct a weekly chart of the VIX and use the closing values to create a line chart, you get a surprising picture of a condition that is not all roses.
If you look at today's (updated on November 6th.) chart, the VIX is clearly making higher/highs and higher/lows which is the definition of an up trend. Don't forget that the VIX moves opposite to the direction of the market.