Friday, February 19, 2016

Feb 19 - More consolidation SPY

Still time for last hour sheninagans but does appear today will be largely a sideways day which could be construed as more consolidation.  VIX dropping even more today yet again despite a red day in SPY.  So either more complacency before a drop or just winding up to move equities higher.  I'm still holding SPY longs from yesterday and will probably hold over weekend.  Assuming we move up early next week, a key thing will be to monitor the strength of the move.  If it fails we could end up slipping back down but lack of fear so far paints a supportive picture for bulls.  It could all change next week but for now it is how it is.

Maybe another 1-2 weeks until VIX hits a harder bottom
 SPY other than gap down isn't doing much today
 IWM broke north of its channel.



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