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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (141141)	2/8/2007 8:02:34 AM
From: Patrick Slevin	Read Replies (1) \| Respond to of 209892

Another Gann guy, we should start a club. Between us and Ray that's three of us. I don't follow the cycles closely however. Anyway the current lack of volatility certainly makes a case for the VIX arriving at such low levels. I'm not that much of a fan of VIX as an indicator. Due mostly to the fact that it's one of those indicators that people point to after the fact. On the other hand Sentiment levels are about where they were in May. RSI on the SPX is dropping, other trailing indicators are turning, volume levels are slowing. The rate of advance is toppy. Personally I'm reluctant to take on new positions in stocks for the moment. I've taken off most of the long positions in SP Futures, SPX options. Reduced China plays, sold off some U.S. stocks.... Just taking a less aggressive stance for the moment. You make interesting points with respect to the structural issues of volatility. I have a couple of points on the SPX that I watch where I think volatility will sharply increase. They have held up since August. The high one at the moment is the 1430 to 1435 level.