The dip-buyers arrived this morning to buy up 1541 on the S&P 500 Index. However, price seems to be churning, and not bouncing nearly as energetically as bulls would expect in a healthier tape. I continue to view a daily close below 1548 as a sign of a deeper price correction. So, the duration of today’s session should be interesting to say the least.
Even with the dip-buyers, 12631 member @My3SonsIBC made the following observation in our real-time chat room this morning:
My3Sons
Notable change in character to $VXX. Remaining somewhat elevated even on the intraday rallies.10:35:45am EST on Apr 18, 2013
Consider this 30-minute falling channel as a guide to trading it until decisively breached.
Thank you for all of the video chart requests last night. I enjoyed them going through, once again. If you missed them, Part I. starts here.
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I have a pot of coffee brewing… RIGHT NOW!
Still fully hedged. Still short silver. Hi-hooooooooooooooooooooo silva!!!!!!!!
Great trading.