Tuesday, September 11, 2007

Markets surge

The Qs got a big lift today along with the rest of market, continuing the uptrend begun yesterday. At current levels (48.91) the Qs are back to upper resistance, although there's no sign of an overbought signal in the RSI. The last 10 minutes today saw a tremendous surge of volume and price across the board, suggesting more of same to come.
The VIX had another 10% range day, descending to the 20 DSMA, which is now about to cross an upsloping 10 DSMA. I failed to notice yesterday that the VIX was 10% above the 10 DMSA, which is often a tell for imminent reversals. It sure played out that way today and the technicals suggest more short term downside in the VIX.

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