The Onus Is On The Bears
Once again the onus is on the bears to drop the ball and they’re doing a smashing job of it. When it comes to rolling over and running for the hills at the slightest sign of buying pressure the remaining gang of grizzlies can’t be beat. Darwinism at its finest and I guess four years of Pavlovian conditioning with a cattle prod does leave some psychological marks.
I’ll be quick tonight as I am knee-deep in slinging code and want to put CrazyIvan into alpha testing by the end of this week. The greenback was no match for Bernanke’s foot as the daily stomping near its key inflection point of 84.5 was more than it could take. Down she goes and it doesn’t look like that 25-day SMA is going to put up much of a resistance so chances are it’s heading for 82 again. Hoping for a stronger Dollar? Not on on this Fed chairman’s watch!
Technically speaking (and that’s really the only thing that counts) that NLBL failure at 84.4 was a wonderful short opportunity – if you caught it that is 😉
Our RTV Sell on the daily spoos is looking a bit rough around the edges at this point. Our official stop isn’t until 1672.75 but as we’re approaching (and probably will cross) that NLSL at 1655.25 the odds are iffy at best right now.
And to further dampen the bears’ enthusiasm look no further than the VIX which somehow managed to put us two steps into a bonafide VIX buys signal (noobs: this is relative to equities). All we need is a lower close tomorrow and the odds of higher prices in the coming week rise considerably.
I did however manage to eek out some rather respectable setups for my intrepid subs – let’s roll through them quickly so that I can go back to fixing bugs (yes, in case you wonder – I do need a vacation):
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