They don’t call it turnaround Tuesday for nothing. Watch the Vix, breakdown below $50. Also, take a look at the S&P double bottom on the intraday 5 min.
We could run a bit here, hope you have your shopping list ready.
If you enjoy the content at iBankCoin, please follow us on Twitter
RC…do ANY of the tab bloggers every agree on anything? 🙂
Not dissing you at all. I just got finished reading Gio’s post in the PPT and he seemed not happy with today’s VIX action for any rally.
At least that was my interpretation See post below:
Not impressed with bulls attempt today. $VIX down 7% and Dow/SPX/NDX rallied to highs, then wiped it all out back to the red after VIX gave back 1%. will post a chart tonight. Market should have been up +130 and stayed there.
.
some blah blah blah today on the VIX:
The CBOE Volatility Index VIX fell despite the drop in the S&P benchmark to new lows. The two indexes typically trade inversely. The VIX slid 4.33 percent to 50.50 as the SPX fell to 696.33. “Option premiums have been easing as the market traded in a narrow range, with SPX crossing the unchanged line several times during the session,” said Scott Fullman, director of derivative investment strategy at WJB Capital Group. “Tuesday’s activity followed a sharp sell-off Monday that had lifted VIX to its highest level since Jan. 20, while also ending above the upper Bollinger Band line. He said traders have been looking for stocks to find support since the latest decline broke support on Feb. 17. The VIX, while elevated vs. historic levels, has refused to deliver a classic capitulation spike higher, said Larry McMillan of McMillan Analysis Corp in a note. “We continue to believe that a more sustained rally will likely occur following a spike in the VIX (above 60).”
the breakdown @ 50 was just something to watch, it ended up being a non-event. I have yet to put any capital to work.
RC … you still short PALM?
Should gap down after trading halt on poor revenue announcement … time to cover or go long if you haven’t covered yet.
wow, market is so hammered down right now.. so many battered stocks.. MICC is one i’m keeping an eye on.. lots of volume lately.. had a huge drop on a bad day, maybe wants to get back up to $38.. or maybe just a d/c bounce today.
KO -Coke, It hasn’t really been this low since 1995 !! that’s almost 15 years…
GOOG trendline looks to be still intact..
Damn, PALM … saw some zacks thing this morn about short it to $5.. guess they are feeling good right now.
PALM trading now around 6.45
@LadyG …Market is in hesitation-delayed mode. if you don’t understand this then I suggest go to cash. ragin and I are searching for the same thing, but we are waiting for the trade to come to us. its about timing. market opened gapped up… market has yet to rally on a gap up day. I would much rather see market down w/ VIX spiking up, then market rallies on a VIX breakdown reversal. for now, we haven’t got any of those “classic capitulation spikes.”
Goog trendline intact ? looked like a great short for today !! Look at Bidu to follow suit for upcoming Short !!