Market in chop zone

After flagging from low to low, the market has done something a little different.  In the past two days we had a bit of consolidating (market catching breathe), with higher lows.

One thing about Wednesday’s tape was that close.  It went from a manageable bear tail, to all out dump.  Hmmm, not what the bulls want to see.   However, we still above this mini-trend up from the lows.  I expect a little more chop in that yellow circle before seeing the market go up further.

For now, I am using whatever reversal at the resistance points in the VIX to get long the hesitating market.  There’s a lot of them, so that may stall the bears a bit.

So, looking for market to get below 7234.14 before searching for a VIX reversal.  If I get it, then I will get long FAS for a trade.  Other then that, I’m using all those blue lines intraday for day trading FAS and FAZ.

K-den brah.

-gio-