Still neutral for the immediate short term time frame, actually a tiny bit bullish **dont strike me w/ lightning!!* (as in from now till the middle of the day Friday....i'm NOT playing w/ the close!) but overall not enough to want to trade heavily.
(98% cash, 2% july lvs calls, which I will be out by end of week no matter what)
My rationale for being neutral here is mostly due to the vix chart, from my experience very rarely does any eft,index or stock go from the bottom of an established channel all the way to blast out ABOVE the top of it on the very first try. That is where we are at right now. I do expect the vix to break out of this long toothed falling wedge, matter of fact I guarantee it!!! (eventually it has too! lol). I just don't think it happens on THIS push-this week.
I would absolutely LOVE to see the vix pull back to 27-28 here short term, which was that old support area. If we get that I would aggressively look to re-load select short plays.
My stockcharts for the vix daily and weekly charts are numbered 0.0.4 and 0.1.3, click on chartlist (not view 10 per page) for ease of viewing.
(that alone makes me cautious to not want to re-enter short right here right now and wait for more signals)
Also I would like to see the 60 min charts at rsi resistance to go back short, which they are not.
Wednesday, July 8, 2009
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