I can't agree with IBD on this one. Please read the comments in my prior posts. Volume was well below average even though the intraday volume action was bullish. Yet their main point is that we have yet to confirm an intermediate term downtrend, and that is certainly correct.
Regardless of a possible deepening of this correction. I still stand by my statements from April and May that the risk in this market is to the upside. Any shorting should be done with that in mind in terms of position sizing and targets.
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Note the NH/NL's today
NYSE 32/2
Nasdaq 93/9
the most lopsided in how long ....
9 or 10 months, maybe ??
Regards,
dave
Had you seen these two posts about July VIX bets ?
http://seekingalpha.com/instablog/336280-gregory-pepin/8341-why-a-big-bet-on-the-vix-announces-tough-day-ahead-for-the-market
http://sentimentrader.blogspot.com/2009/06/speculators-betting-on-spike-in-vix.html
Regards,
dave
"I see nothing at this point that would give us a clue as to where we might expect the bottom in this correction other than an upcoming turn date on Friday June 26, which may mark a bottom going into the end of quarter window dressing."
"If it does extend to 4 weeks, the bottom would likely occur around July 15+-."
Btw, June 26 & July 14-15 are also Bradley Turn Dates.
Regards,
dave
I will check out the VIX sites.
Interesting on the Bradley dates.
As per my earlier remarks about Bradley turn dates, i'm not a true believer. I only bring them up because they coincide with the turn dates that you mentioned & independently determined.
These were also Bradley January 20-21; Feburary 8-9 and very accurate.
Regards,
dave
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