Smoking Securities

Half Baked High Finance

Complacent VIX

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We’re back to overbought, “everything is OK” levels. I sold my home builders and semiconductors this afternoon. I’m looking for another gap up and then a long steady fade all day. SKF is looking for a bounce as the volume spiked. Precious metals puked another couple points, but I think we’re 2/3’s of the way through their steep correction. I’m trading QLD for the time being, but I’m prepared to go short at a moments notice because these rallies are facing a declining 50 day moving average. The VIX is sitting a the low end of its trend line, generally a good bearish signal… but I will wait for price action to confirm this theory. China is looking bottomish, hopefully there will be another swoon down to 120 before the bull charges again


Written by chucklesamadeus

April 2, 2008 at 7:08 am

Posted in Uncategorized

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