Well again I thought monday would be a little bit bullish and we got a little minor suckers rally and there is a possibibility we can gap up and still test 1080, but if we dont do it , then we are going to tank hard again. What I see on the VIX is that the MACD still get a HIGHER tick up and getting near centerline which indicates too that the little green monday we had was fake and just consolidation for a bigger move down. VIX will most likely cross above 0 today or next days and therefore most likely a big move down is comming. I am still thinking that the major top at 13th july is the top and we are heading way down. Looks like we will close BELOW 1000 in SPX by end of this month(projected close SPX 972) but we will see. The daily chart on SPX reamins still overbought and ready to head down and the MACD still ticking down to negative territory. I am still holding all my FAZ shares as I believe this might get ugly and probably we will get some small bounces here and there, but over the next 1-2 weeks they should be shorted. We are still below the MA(50) and MA(200) so why do you think starting getting REALLY bullish here ? This is only suckers rally and friday just showed you how you will be screwed if you get long this markets. The volume on monday was very low and volume friday was HEAVY, indicating much more to come. I am still long and strong in FAZ and for now dosent looks like I am going to cover. Only if we are breaking the MA(50) i am going to cover my shorts which is right now at 1090 area. I also wanna point out that the dollar looks like it can have a bounce here short term cause it got a confirmed triple pPp pattern. Watch that closely!
Have a nice day and hope you enjoy my blog!
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