Another boring day,, first we got down to -0.8% on SPX ,, and then we rallied up to neutral/green slightly,, chop chop around,, markets is forming a top and a huge move is coming.
I wont be making any big updates today as there is no reason for it,, everything still in place for a major rally.
Bulls sentiment in the highest reading in a long long time,, usually very good sign for bears,, so that means all bears covered and now not many bulls left to buy as they are already IN the market either neutral/long.
Overall get ready for a storm to come ,, its going to be WILD and UGLY and the markets will take out the lows of October 2011,, be prepared..
I think this chart of TVIX will tell you most what you gotta know,,, watch out as the storm is brewing and VIX is about to have a major explode to upside.
US debt ceiling, Greece exit, China slowdown?, Spain, France eurozone downgrades ,, who knows lots of stuff can come up now...
All in all , stay short now ,, keep accumulating on small rallies and I would not even be surprised it another "good" US data comes out and we pop to 1290s before major drop ! Either way ! LOAD up on shorts on every rallies from here as 1075 WILL be taken out next. The euro also got SMACKED down right as called on the other charts past days,,, more to come.. to downside.
VIX to north of $35 this month you think?
ReplyDeleteyep very possible Harry.
ReplyDeleteSPX have the possibility of reaching 1290s tomorrow,, but wont rule out that we already topped this Tuesday.
I was bearish but I think the silent QE from Europe will push us much higher. It will eventually all come to an end but the neckline of the H&S has broken and the neck line of the IHS has held as support. A day to short will come. I think for bears it will be further down the road than expected.
ReplyDeleteWould like this better is there was positive MACD divergence
ReplyDelete