The VIX hit my long-term short-sale target (for the SPX) of 22.3 (based on prior support).
The S&P MT and ST CI's hit 100 once again today, and the LT one came very close, at around 99.1 when I had my eye on it.
What's it all mean? That the SPX is overbought. I don't know whether it will fall, and I don't know whether the Naz will follow it down if it does fall. The Naz CI's are in overbought territory in the ST and LT, but they don't look as bad as the SPX CI's.
The ramp job is liquidity-based, 't'would seem. The fundamentals aren't good, and the uncertainty on the news front isn't good, either.
(To devoted reader lurking in woodwork: Yeah, yeah, I know: 'BS,' 'scare tactics,' 'stupid and boring' ravings by a '[...]itch.' Use my ravings as a contrary indicator, and ride the market up. You'll have the added satisfaction of imagining my trades getting stopped out. It's highly likely, I can tell ya, and I mean that. S'all speculation.) |
