Tuesday, October 5, 2010

10/05/10 Update

Wow, we hit the 78.6% retrace today. If there is a place to turn its now...but then I did say that at the 50% retrace and the 61.8% retrace too...
Ok...was this the proverbial fake out above the upper portion of the rising wedge that proceeds the drop? Or is this the beginning of another leg up? Slow Stochs are diverging a bit, but this can be rectified with a more up days.
VIX is diverging, it is not making new lows with the new highs being made on the indexes. I think this is strongly indicative that people are not confident in these new highs.
BPSPX:CPC also diverging a bit. It was down today even though the market was sharply up.
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