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Thursday, December 30, 2010
Thursday, After the Close!!!
Score one for the bears, the VIX did manage to close above the median line of the Bollinger Bands, which is also the 20 day MA. One other interesting note, notice how fast the bollinger Bands are tightening up, large moves usually result after the price consolidates long enough to tighten the bands.
If the SPX has put a top in, it really needs to get moving to the downside, the longer it hangs at this level, the higher the odds go that we are in a 4th wave of some sort. We might have to wait until some volume returns to the market Monday to get a better read on what is truly going on.
The SPX did confirm the sell signal on the Trendfinder at the close. Sorry, for such a short post, I am having a new well pump put in this afternoon and need to be outside working, I will try to get more updates later this evening although there is not much that has changed from this morning post.