Channel De La Semaine
Channel De La Semaine
UPDATE 2:00pm EDT: Seems like a nice double bottom we are now on our way back up. Calling this tape frustrating would be an understatement. Anyway, let’s detach ourselves from the daily gyrations for a second and focus on the 10 days:
As you can see the uptrend is in full bloom and won’t be broken until we breach that lower support line on the channel above. Until that event – or until we hit at least 930 don’t even think about going short this tape. The bulls are in a blood rage right now and the short squeeze is kicking into high gear.
UPDATE 2:17pm EDT: Folks – if my writing seems a bit off today it’s because I feel like crap as my jaw is has swollen up like a pancake – some sort of reaction to the dental work I got on Monday. Not feeling very good and I am not my usual obnoxious self today. And this tape doesn’t help on top of it.
UPDATE 2:30pm EDT: Seems like Mr. VIX might close outside its 2.0 BB today:
I might actually be tempted to grab a few puts here EOD – just for shits and giggles. Remember, for a VIX confirmed signal you need 3 things:
- a close outside of the 2.0 Bollinger Band (20 day, SMA
- a close back inside the 2.0 Bollinger Band – this issues the signal
- a higher close (sell) or lower close (buy) than the close of the day back inside the 2.0 Bollinger Band – this confirms the signal.
Once you get those 3 things a major reversal usually occurs within the next week. The sell signals are far more accurate than the buy signals.
UPDATE 3:55pm EDT: I’m grabbing a few index puts here – just for fun. Probably will lose my money on those suckers but I can’t resist.
