Monday, October 08, 2007

Qs are star of the day

All the major averages were down today, except the Qs which were up over .6% on the lowest volume in 90 days (63M), with 10.5M of that in the last 30 minutes. Hard to find much momentum today with the overall low volume and with the TICK, NYAD and VIX all in very tight ranges. I added the CCI6 indicator to the Qs chart today just to indicate the toppy nature of the Qs at this point. I made no trades today and took off at 11:00 to pursue various tasks.

The VIX is just off the 10DMSA so few clues there. Vix and More's post on the right side of the blog describes typical VIX behavior the week before expiration. If it holds true this month, we should see a modest correction developing in the next few days as the VIX rises.

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