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Friday, October 8, 2010

Friday updates!!!

The VIX is closing in on support at 20.85, next support is trendline, and if that fails the door opens for a test of the low of 15.23
The Bollinger bands remain tight this morning and are continuing in a slight downtrend. Normally a large move takes place under these conditions as the price action breaks out of a tight trading range. BTW, the SPX is littered with open gaps in this rally, all targets that will be wanting to get filled.
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7:34, The squiggles are still open to multiple interpretations, a solid break below 1151.41 would be the first level that would have the uptrend in serious trouble, with 1131.87 being the confirmer that a top is in.
One number that did not make many headlines this morning was the U-6 number, which is the true unemployment rate, it went from 16.7% to 17.1%, funny how CNBC spins to the numbers to make rising unemployment sound bullish.
The Goldman Sachs Commodity Index (GSCI) broke above the trendline of resistance yesterday but was unable to hold it thru the close. With the MACD, RSI, and the STO in extreme over-bought conditions odds are good that a top of some sort is in.

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