Always good to check on the VIX in these days of confusion. Nope, the VIX ain't confused, it's up over 40 again, which used to be high. Not any more. I expect this one to spike well into the 50s before we're done. "Get your kicks on VIX 66?"????
The INDU is now down to the 7660 level, about to take out the July 02 lows and take aim at the October 02 lows (7197.50). Dollars to donuts says we end up this spring at an unhappy sounding 6660??
The SPX is doing the same. Nota bene how systematic these two indices are in approaching (and then breaching, I believe) these previous July and October lows. The candlesticks are much more uniform, and the ratcheting down motion is almost mechanical. Look back to May of last year to see the regular drumbeat as the stocks fell, then they were followed by some very nasty plunges (plunges which weren't quite so pronounced in October, for some reason). Anyway, prediction: SPX 665 or lower this time.
Naz: will this time bring the Nazacre? Very hard to say. The Naz has been punished so much. A capitulation will take us below 1100, but how far below is beyond me. So much depends on the terror the shareholders finally feel about equities. For a long time I felt a Naz 900 was in the cards, and each time it stopped short of where I thought it would go. Still possible, and I guess I still think it's still probable.
VIX at 40.18 and rising.
Kb |
