Even if the bulls own this tape for a few more days I would not want to be heavy long at these VIX levels. It looks like the VIX can just spiral down below 24, so I’m on “spike” watch, which usually signals a turn in trend. The longterm VIX is screwed up, or at least very hard to read, so we have to pay attention to the shorter time periods and determine where complacency and greed kick in.
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Gio – I had a High School teacher who would constantly say, “Mr. Yogi, patience is a virtue”. I’m personally prepared for the correction, although I’m not hedging. It will come. Patience.
If AAPL fades, tech will be in trouble. i think its up after hours.
IBM looks like it could be good for a quick 10 points to the downside soon…
Tech is going DOWN. volume to upside was so pathetic. i’m for innovation not tech price wars.
ever have that feeling? uh… yes but this crazy ass market is making me think twice about my gut… it’d be quite swell if the S&P forms a double top with the head of that now deceased ‘head and shoulders’ formation everyone was so hyped about only a week ago…
I’m waiting to unload my AMKR, SNDK, and JASO – all in due time. I should be 100% cash by the end of this week. With stocks being talked up and better-than-expected earnings in the tech sector appearing, the $COMPX is going to be flirting with the gap fill resistance level of 1950.
In the intermediate term, I agree with Yogi – all in good time until we sit on SSG and wait for it to get to 38 again.
I’m not trying to be a full on bear here, it’s just there are times when you want to get long, get really long, get really really long, and other times where you should just sit back and watch the trench-warfare between the bulls/bears. I don’t want to waste energy on adding to shorts here or hedging with longs. the right idea is to scale out, or sit on current shorts.
Couldn’t have summed that up better myself ^^
Indeed, enjoyed the “trench warfare” analogy.
This market is boring. we should have a big move soon.