Wednesday, June 10, 2009

Already looking like "weird Wollie Wednesday" as VIX considers 4th trendline touch

As the QQQQ's already put in a quick reversal down, trade-through opening to be under by .27% as I write this, the VIX looked like it may have wanted a 4th trendline touch though it missed by a bit and has moved up some from that. We'll have to see whether the higher level indicated in the ChartsEdge cycle forecast can really make it to a higher high later in the day. For what it's worth and for those who don't know, the little catch phrase about today isn't a slam on Mr. Wolanchuck (hope I spelled that right!) but is to the point he articulated, that it's the Wednesday in the week before opex so many players are rolling forward options contracts and that itself can cause some fluctuations on this day.

Well this should do it for me for now, unless something really sticks out later in the day - again, happy market navigating all!

No comments:

Post a Comment