NOW IT GETS INTERESTING! AUG LOWS FOR THE SPX ARE 60 POINTS BELOW TODAYS CLOSE 1370.60 AND FOR DOW 12,517.94 UTILITIES STILL ON SCREAM SINCE 2003 LOWS.....SAFETEY IN YIELDS? 10 YR YIELDS NEAR 4% NOWNEAR A 90% DOWNSIDE DAY, UNOFFICIAL 89% DOWN VOLUME.
iT WOULD TAKE SUBSTANTIAL more WEAKNESS TO SEE SPX AND DOWN CONFIRM NEW TRANS LOWS.
VIX IN UPWARD TREND 06 HIGH 23.81 07 HIGH 37.50 VOLATILITY CONTINTUES TO CLIMB, A BEARISH PHENOM.
I KEEP LOOKING FOR REBOUND, IS IT THAT PRICES ARE NOT LOW ENOUGH YET FOR SUSTAINED BUYING INTEREST?
DURATEK......BEEN ON THE DEFENSIVE!
1 comment:
I think we are set for a rebound, but first time up to all the resistance area's I would be a seller in the day timeframe and the swing time frame.I am going to add up the daily delta's of the last 4 days here at the lows from 1450's to the 1420's on the s&p and see how many shorts covered into todays close. I would suspect there is more short covering to go, possibly taking us up the 1480-90s. that rally could be fast and furious, but lack follow through. That is what I would be looking at for the next short swing trade. You could look for a pull back yesterdays value area high @1434 for a long up towards the 1480s or 1490's.
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