Everything has been lining up...maybe too perfectly? We should be in the middle of wave (iii) down and if we are then tomorrow we should see a waterfall like drop. If not we could retrace up a bit to finish some potential complex wave (ii).
I would have liked the VIX to have retraced a bit lower today. This is what is giving me doubts in the extreme short term (tomorrow).
BPSPX:CPC was up SHARPLY. BPSPX was down but there was massive buying of calls in equities.
The massive drop in CPCE is usually seen at peaks not valleys in the market. This usually takes place because of irrational exuberance. So did everyone buy calls because it was easy money today? As it is a contrarian indicator, this would point to a drop in the market.
Everything has been lining up...maybe too perfectly? We should be in the middle of wave (iii) down and if we are then tomorrow we should see a waterfall like drop. If not we could retrace up a bit to finish some potential complex wave (ii).
I would have liked the VIX to have retraced a bit lower today. This is what is giving me doubts in the extreme short term (tomorrow).
BPSPX:CPC was up SHARPLY. BPSPX was down but there was massive buying of calls in equities.
The massive drop in CPCE is usually seen at peaks not valleys in the market. This usually takes place because of irrational exuberance. So did everyone buy calls because it was easy money today? As it is a contrarian indicator, this would point to a drop in the market.
