A very frustrating day to say the least. Not because of the mkt., although that wasn’t much fun either, but because my modem crashed and burned and then my wireless card was acting up too. I had to do almost everything off my iphone, and that was not a pleasant experience. It is a great supplement, but not the mainstay in a trader’s arsenal. Now I have a brand new DSL modem that seems to be operating and a brand new air card that I have yet to test. But you don’t care about that. Further, I have to pack tonight as I will be out of town for the next 4 days and probably off the grid for most of the time, and no I am not going to hike the Appalachian or going to Argentina, just Fairbanks. So likely, this will be my last post of the week, and a short one at that.
If I can say one good thing about this VIX chart it is that it pretty much filled the gaps. It is paying no respect what-so-ever to any of my trend lines, jerk! I still don’t have a good read on this thing, but it feels like it might go down a little more from here before rebounding.
The DOW did what I talked about yesterday, just hanging out at this support line looking like it wants to pop from here. I could see it staying in this are for a few more days, but man it sold off hard today and that is usually bearish. I still see the H&S in play unless this thing really starts selling off from this support.
I really thought this had the most room to drop and would lead the down turn. Well it showed me! ORCL stuck it to me today, and AAPL and RIMM didn’t help. All of them were strong today after ORCL bte earnings. That weak up trend held, telling me there are still buyers in the NASDAQ. We must respect the trend line until it is broke. It looks like it might want to drop a little from here off the gap up.
The S&P popped right back above the 200 ma, but is still respecting the 50 ma as resistance. I could see another day up from here and then a pretty big sell off Friday. That would fall in line with the ladders I have been seeing. In fact that NAS is setting up much the same way.
The SPY is still in the down channel, and it too could do the three days slightly up and then drop. I think if we close up a little from here tomorrow, I will be watching for a strong sell off on Friday.
In Closing: I know this is short but I have to pack and do some work around the house tonight. The strength of the NAS kept this mkt. from tanking hard today, without out we could have seen another huge down day. I think we could see a small up day tomorrow, and if we do, I think Friday will be a big sell off. I won’t be on- line much, twittering or anything, but please trade well. AKOT
