Sunday, June 5, 2011

5 June 2011

Hold long at 30%.  Oversold using recent standards.  10% away from last summer's extremes.
 Hold long at 35%.  Oversold using recent standards.  Things always change though.
Buying climax starting to spike again.

VIX had a non-confirmation from the Dow on Friday - both closed down.  It is getting very close to my descending trendline which is currently around $21. 

However in this latest sell off, the VIX is yet to close outside its upper BB which is traditionally bullish signal.  Breadth, judging by the McClellan Summation Index, was quite weak Friday.

That's all you get for tonight.  Good night and good luck.

"Never ascribe to malice that which is adequately explained by incompetence."
 Napoleon Bonaparte

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