Turnaround
We have seen the indices open down and reverse higher. In addition, we saw extreme put readings at the CBOE. This is typically a good sign for the remainder of the day. The ISE is not corroborating the extreme put buying. I would feel more confident if the put buying were occurring at both exchanges.
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5 comments:
The VIX should be showing more fear given the horrid action of the market.
It would have been nice to see a spike.
If the CBOE equity closes the day where it is now, the 10 day moving average will be close to where it was after the Japanese nuclear disaster. Any thoughts?
I don't feel much urgency to the selling. Therefor think we have farther (and uglier) to go. I am almost flat though and would take a shot long if we got a quick spike down from here.
A scary spike lower would really seal the deal and make for a very good trade, but I think there is still a decent trade now.
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