MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (9936)	1/29/2002 6:32:48 PM
From: Steve Lee	Read Replies (3) of 19219

"a few birds in one day. VIX closed up 4.49 at VIX 26.26. Up only 20% +..." The action of the VIX and VXN today portends more considerable downside. Look how it behaved intraday on August 28, 2001. Reaching an extreme low then spiking upwards is just the beginning of a big move down. There are other similarities between today and Aug 28. A/D, shape of VIX chart and NDX chart in the preceding days, not enough vol for capitulation, and to a lesser extent, tick and trin are similar. I think we get a 40 pt bounce at most, lasting 2 days at most, and then set new lows for the year.

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