Nothing Is Certain, But This Certainly Is Looking Like...
Posted on July 16, 2008 at 12:40 PM EDT
Something Wicked Comes This Way for anybody caught on the short side here shortly. Here's a 30-min 3C chart showing the Broadening Bottom I've been talking about the last 2 days in the videos. It looks like we've now got an inverse head and shoulders to boot. The VIX is about 15% off the March spike highs, the VXO is about 11% off and the VXN is only about 4% off as of yesterday's close. Considering the strength of the Commodity complex and the diminished representation of Financials among the Indicies weighting, I'm not surprised we haven't seen a similar spike. Had Commodities even been somewhat neutral, I think the VIX would be through the roof. I think we're ready.