Another BTFD day. Another world has been saved day. And we have not seen helicopter Ben throwing money in USA yet, I mean directly. He is doing so indirectly by SWAP lines and ECB LTRO. Can you imagine where the indexes will be when Hel-Ben shows up here in USA, giving away free money? You better shed your bear skin and try to think like a bull. Because he will definitely show up.
I have whole host of technical indicators screaming murder but the bottom line is that the up- trend has not been broken. Time to buy? I would say that unless SPX breaks 1370 convincingly (stays above the level for at least two days in a row), I am not ready to become a bull. VIX may be signaling something:
(Source;Minyaville.com)
Also there is a divergence between SPX and VIX. SPX making higher high but VIX is not making lower low. Rather it is also making higher high. It is now up two days in a row.
Per ZH Dow crossed 13000 22 times today.
(Source: ZH)
Now we know that ZH is given to hysteria, but still they have a valid point here.
SPX closed 1.85 points up while Dow closed 1.44 points down. Gold sold off and so did oil. I have an interesting chart from Uempel :
He does not give conclusion but being a smart person that he is, poses a question. Anyone seen a top yet? So while wait for the trend change, here is the trend table for today. The Indexes are mostly unchanged.
Hope it will help you to stay on the right side of the market.
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P.S. Interesting read from Stock Trader's Almanac; http://blog.stocktradersalmanac.com/post/DJIA-Flashes-Down-FridayDown-Monday-Warning-2
P.S. Interesting read from Stock Trader's Almanac; http://blog.stocktradersalmanac.com/post/DJIA-Flashes-Down-FridayDown-Monday-Warning-2
