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Wednesday, August 29, 2012

Daily update 8/29

I am pretty sure this is the lowest intraday volatility I have ever seen.  It is a good thing we know volatility always reverts to the mean eventually.  Take a peak at the VIX daily chart.

That is some move up in the VIX after hitting its lowest point since 2007.  It is pretty likely the intraday volatility will pick up soon.  Probably starting Friday with Bernanke's much anticipated speech.  Here is the daily SPX chart.

Price is still above the 18 SMA and below the upper channel trend line.  Here is the 60 minute SPY chart.

Apparently SPY is scared to get very far away from its 50 SMA.  It keeps closing below it, but no downside follow through.  After three very narrow range days and likely another one tomorrow, the first wide range day should see considerable follow through.

The chart practice site has been updated.  Today's stock is INTC.  http://traderbob58-chart-practice.blogspot.com/


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