ChartsEdge map for 2/12

Market Map for Feb12

Posted: February 12th, 2009
Author: Mike Korell
Filed under: One-Day Market Map »

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Folks, I myself will be in meetings all day, so won't be able to post any more charts today. Here's the daily Market Map from ChartsEdge (and I feel they're not likely to do a repeat of what happened with that map-chart yesterday). But do keep an eye on the ChartsEdge feed at the right side of the page (underneath the "other sites of interest" list).

If you've placed my trendlines onto your VIX charts, then you'll likely see that VIX has not only remained above my shallow uptrending channel line, but seems to be coming "out of the corner" (triangle, if you prefer) to the upside. Will be interesting to see whether or not VIX gets to the ~66 area evenually. And the futures seems to be confirming - along with today's Market Map - that equities are moving under that would-be "support" line from the November lows, that I remarked on Tuesday with my "bulls/bear" comment on the chart.

So I've still got 750 as next focus, and will have to see if the market starts to look ready to go under the 741.02 low. As for oil, looking like dead money right?! Conversely, the yen still looks on course for the new highs per my long-term chart, and of course U.S. bonds moved up again yesterday so they're on track for at least some level of rally. It's easy to guess that if equities go scarily lower and the yen does push to new highs, then bonds may have more strength.

As always, be careful out there, and happy trading!