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Tuesday, September 11, 2012

Daily update 9/11

What didn't happen today may be more important then what did.  I guess time will tell.  Here is the daily SPX chart.

SPX managed to eke out a small gain.  Despite fairly strong breadth there were no takers on the long side when price got up close to testing yesterday's high.  The more important thing was that the COMPX did not bounce after yesterday's break out failure.  If COMPX cannot regain new highs, the SPX break out will fail.  I still expect we won't get resolution on that issue until after the FED meeting.  I guess it is buy dips, but don't overstay your welcome during the day until we get real strength. 

I thought summer was over, but the market is acting like it is still Aug.  The VIX crept up a little bit more today despite SPX being up.  Here is the daily chart.

Yesterday was a bullish engulfing candlestick and today it closed above yesterday's high.  That confirms the move back up through the 18 SMA yesterday.  This really looks like a chart trying to bottom so volatility may be getting ready to pick up a bit.


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