Wednesday, September 24, 2008
This is a pretty weird pattern on an expanding wedge, but stochs are oversold and XLF still hasnt broken out. If it does break out, then we might get a pretty big rally.Regardless lots of conflicting indicators.
VIX is really high. Almost unsustainable at these levels
Tuesday, September 16, 2008
Monday, September 15, 2008
Something looks strange. I was pretty focused on a 30-35 zone for a VIX top but somehow it looks doubtful that will be the case. We are already at 31. So many other indicators say there is room to fall (UYG far from July bottom, SPY hasnt bottomed out of daily stochs) in addition to unresolved issues at AIG, MER, WM are dragging down the market. GS is tanking which as a market leader is a pretty bad sign.
Got into decent size position of $QQQ 175 calls @ .22 expiring Fri and smaller $amzn and $nflx. Still in $shak and sold off $rig for only 5...
I am liking the set up for XLE a lot now and XBI I am hoping for some settling so I can board the train. Maybe within 1-2 weeks? Missed ...
Didn't make any changes Fri except close the GLD short as the miners + silver started showing strength and an oversold signal on the 2 h...