The five day SPX Wall of Worry (SPX vs VIX) is very bearish (Wall of Worry collapsed, VIX fell much more than SPX rose in recent days), see http://finance.yahoo.com/q/ta?s=^GSPC&t=5d&l=on&z=l&q=c&p=&a=fs,p12,fs,w14&c=^vix.
However, SPX's (S & P 500, http://bit.ly/i0nsT) volume is very light so far today 6-14-10 (see http://www.google.com/finance?q=INDEXSP:.INX), so, the upcycle since 6-8-10's 1042.17 cycle low (http://finance.yahoo.com/q/ta?s=^GSPC&t=5d&l=off&z=l&q=c&p=v&a=fs,w14&c=) probably didn't peak yet, since dramatic volume spikes usually coincide closely with/confirm price spikes/inverse spikes (cycle highs/lows). Trading long now, partly due to the BP oil spill situation, is risky. One should keep a close eye on BP now.
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