10/13/2008 Some Thoughts

I had two midterms for graduate school over the weekend plus a homework assignment... I've been slammed with life lately but hope to update more soon.

I have updated my hourly VIX chart. It looks like it could be trying to confirm a rollover. A nice indicator bounce into a resistance failure on a pullback would be the confirmation that a rally should be in play.

UPDATE: SPY may retrace back down at some point to the $91.50 area. Not absolutely, but if there is a pullback it is a sensible area.

UPDATE: The SPY 10-min looks like a bull market move on the indicators. That does not mean a bull market is starting... it is just putting in bull market readings on the indicators. In other words, on the 10-min and only on the 10-min, SPY is finding what looks like bullish support. That means that it appears to be really confirming its uptrend. On the broader charts, I don't think a bull market is forming by any means, but in the short run it means the momentum is stabilizing to the upside.