Tuesday, August 31, 2010

08/31/10 update

Looks like we are in wave (v) of minute [i]. Looks ok so far, tomorrow or thursday will be a big day. With yesterdays set up I expected a deep gap down at open, basically a gap below resistance. It did not play out as planned but we had a bit of a "flash" drop before recovering.
VIX retreated a little, but nothing to warrant a trip to the lower BB.
VIX:VXV ready to launch again.
A close up on the BPSPX:CPC. Shorting is still a good bet based on this chart.
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