sp'weekly7
sp'weekly'9d - best 'doomer case'
Summary
Yesterday I ended with 'four blue candles'.
Today, I can note that the fourth candle has now turned a decisive bearish red, and the bigger downside target now looks viable in the coming week or two, perhaps even days.
Unquestionably, this market is very weak, and the momentum is firmly on the side of the bears. A return to the June lows look very viable, and that should be plenty enough to get the VIX into the lows 20s.
RE: 'doomer scenario' weekly'9d
For now, it remains a mere 'hope'...a 'dream'. I need to see a clear hit of the lower weekly bollinger before this scenario can be seriously considered. Yet so far..it does look good into next week...and if the target is hit, bears should be seeking a strong bounce, before putting in a critical lower high, somewhere around 1675.
Looking ahead
Wednesday has some housing data at 10am..along with the usual EIA Oil report.
*there is sig' QE-pomo of $3bn, although as today showed, if the bears are strong enough..they can actually overcome the Benny bux fuel.
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So..after a largely frustrating few days, I decided to get involved, and chase the market lower. I am LONG VIX, from the high 16s, and seeking an exit in the 20/21s..before the 3 day weekend.
*it was good to hear from some of you today, all comments...welcome.
Goodnight from London
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Video from Ron Walker....
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