MonkeyI haven't got live SPI but looks like still a big...

Monkey

I haven't got live SPI but looks like still a big discount.

That seems a bit excessive early in a bear phase to me.

I prefer to see a premium which indicates denial of a true bear.

However minor bearish phases can see decent discounts but their duration can be measured in days or weeks as a rule.

Unless we see SPI get back to premiums or even neutral then the downside seems unsustainable.

It is always worth watching for an outlier (out and out liar) in this environment. If we get a single day when suddenly SPI has changed from a big discount to a sizable premium then put your house on reshorting. No don't do that, lol, but you get my drift.