Wednesday, July 15, 2009

Today was the day to short...

Large Rising wedge, we retraced the the full amount of the last decline. While the dailies are not overbought yet on the stochs, all time frames below that are.
The vix opened at the previous low then descended below it but finished the day up. VIX up and SPX up doesn't bode well, rising fear in the market as the market goes up. Look for the VIX:SPX to make another trip to the upper BB.