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

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Written by chucklesamadeus

April 2, 2008 at 7:08 am

Posted in Uncategorized

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