Watching the S&P Volatility Index (VIX)
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The VIX, having broken upwards from its bullish flag pattern, has pulled back and is nearing an area of support.
Taking a look at the VIX on an hourly chart scale brings up some interesting patterns. Notice the two short term channels (one is red, the other is green). And also a trend line (dashed line).
Tonight I concentrate on the volatility index (VIX) and the S&P 500 Futures.
Note: When I speak of a bullish pattern on the VIX is means a bearish result for the stock market. When the VIX goes up the stock market goes down.
Good morning to all…
A relatively quiet morning so far. S&P 500 futures are currently 883.50, the overnight low was 879.50 so this will be a point to watch today. If trading drops below the overnight lows selling pressure should increase. But be aware of the support levels I pointed out in my post on Friday.
A judge today will decide if Bernard Madoff will get to stay in his penthouse apartment or will go to jail. I don’t even know why this is being debated in the courts. He should have been put in jail on day one.
Seagate (STX) says they will layoff 10% of U.S. workforce
Tarragon (TARR), a real estate development company files Chapter 11 this morning
Amkor Technologies (AMKR) CUTS Q4 REV GUIDANCE TO -23% TO -25% Q/Q
Kennametal (KMT) CUTS Q2 EPS GUIDANCE TO $0.34 V $0.48E ($0.51-0.56 PRIOR); CUTTING COSTS, LAYING OFF 1,200 WORKERS (APPROX 9% OF WORKFORCE)
This mornings chart is the volatility index (VIX)
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