Tuesday, August 3, 2010

Still moving up...

We have formed a rising wedge of sorts (noted by the dashed orange lines.) I expect another run to the top side of that wedge and potentially a false breakout over the top.
A move up will correspond with a tightening of the VIX BB as it moves down. Similar to the contraction we experience in April.
BPSPX:CPC is moving up as expected. I am waiting for the 20ma (green) to curl back over down, before going short. For now it looks like there is more upward movement to come.
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