Wednesday, July 11, 2007

Qs hit S3 at close

The Qs ran out of gas yesterday, closing just above the S3 pivot. The TRIT aso ran through 1, signalling increased selling volume. Based on the proximity of the VIX to the upper BB band, I think there is more downsde to come. Next stop 47.75 and if that doesn't hold, 46.50. The band breakthrough could be resolved quickly but a look at the VIX chart shows this has typically been a 3-4 day event, rather than a quick revesal.

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