IWM briefly reversed the 65,5 volatility stop before closing under its old limit. SPY and QQQ reversed exactly just before their own volatility stops could react. This can only be interpreted as yesterday’s gain being extreme, but just “normal” under current volatility.

Billy, could you elaborate on this when you have a moment, i.e., why it would be interpreted thus, and add a bit more explanation on the use of 65,5 vol stops. Some of this you've covered before but my recollection is a bit stale. Thanks very much.