we'll keep starting these threads until we get it right, we started the first BKD thread in early october after the breadth and momentum reversal on October 3rd (and of course october is this best month to get bullish)
we arrogantly started vs 2, before any reversal had taken place
Subject 53128
now we are still unsure at version three that we have seen here after today (a 90% upside thrust) something that will give a few more days into resistance and turn down (or multi-month cyclical bear rally like version 1)
many indicators got pegged at extremely oversold conditions, summs, $bp's, some huge volumes at the turn last week,
the spx head and shoulder has been much talked about.
stockcharts.com[r,a]wbclyiay[dd][pb50!b200][vc60][iUb14!Ld20]&pref=G
the hammer last week was on huge volume, that indicates accumulation, so far this week we have the beginnings of a huge morning star weekly pattern, if we finish this week strongly into the mid 900 resistance that will keep people guessing whether this spring below the 98 lows is bear trap or a valid break of support.
We don't know, but if you look at the previous history of spike and reversals in the $vix, it has indicated that the extremes in fear have come and gone for several months.
What's your take, Let's Cluck about it -g- |
