Since it was a very light day in terms of economic data, I decided to look at the 15-minute VIX chart and noticed the following H&S within an H&S formation (note the beautiful colour coordination). Oil, Nasdaq, FTSE, JRCC, HERO, and CENX all ended below their 50% daily Fib levels - spooky, spooky!
However, the JRCC MACD bullish divergence is still on, with Money Flow edging slowly and gradually higher.
I'm holding my ground and patiently waiting for Money Flow on CENX and JRCC to continue to build momentum.
The ideal trigger to put us into a more bullish mindset would be an unexpected increase in retail sales, wouldn't it? If we see that on the morrow, then I expect a drop in VIX just based on this chart alone. VIX can't seem to get past 33 and unless severely negative news comes out of Europe, the bears will need to yield the trading floor.
For now, the bears are still driving and I don't like where we're going:
-1.98% SBA
-0.42% Roth IRA
-0.61% DJIA
-0.80% Nasdaq
-0.96% S&P
+4.63% VIX
-0.47% FTSE
-0.93% Eurofirst
-1.02% WTI Crude
My one regret: not getting hit on SKS, PAL, or WTSLA.
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