Wednesday, July 25, 2007

Are we done yet?

The DOW lurched forward today, driven by MRK, BA, IBM and XOM. Otherwise, no impetus.
After an opening pop and drop, IWM finally came alive at noon, and surged up to close just off the PP pivot and the zero line and now looks poised to drop again.
The Qs almost made it to 49.70 (49.67) before ratcheting down, then up, then down, then up .. finally closing up .05 on a downslope -20 TICK and an upslope .77 TRIT just below the PP pivot.
The VIX put on quite a show, rolling below S1 at the open and then screaming strainght up through R1 to top out at 19.46 in the next 50 minutes and VixandMore posted a BUY equities post.. The VIX then cylced between R1 and PP for the rest of the day, closing at 18.09.
I buckled up for the ride early on and managed to get in 2 good IWM trades (UP) and 2 good Qs trades (down) with a .01 loss on the 3rd Qs trade when I got stopped out just ahead of the pop (of course!), thereby missing a nice .06 profit in the next 10 minutes.
As mentioned yesterday, the current VIX pattern is not familiar and suggests more room to go.

No comments: