Tuesday, June 2, 2009

Over bought...

Rising wedge, rising channel, and the dailies are over bought. There is still room to run a little bit more, but I can't see it going too much more with out a good retrace.

Argh, CPCI:CPCE is so close to crossing over...still waiting for it to cross before I commit fully. Look at the CPCE blue trend line. How much longer can it maintain that level?

Similar to the rising wedge above...there is some room for VIX:SPX to travel to the lower trend line. But from there it should break out and retrace at least 50%.

Yes finally people are getting more optimistic...lets hope this remains a contrarian indicatior.


Schweizer said...

Good work.

There is a bit too much attention played to the $SPX, imo. The $INDU is a leading index and is backtesting both the 200 month MA right now and the old Bull Channel. I think the turn is damn close. Damn close.