Gap up above yesterday's high, so there're some chances that the gap won't be filled.
From the Global ES, the rebound is very strong, so unlikely just one legged.
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For the bears:
Case Schiller just now (was that bearish? [edit: yes])
Also: “More Pain Predicted For Singapore Stock Market” and, U.S. “Consumer spending flat but incomes up” http://news.ino.com/headlines/?newsid=13020121446
Last edited by Al_Dente on Tue Jan 31, 2012 10:19 am, edited 1 time in total.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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SPY gapped up above the previous support line (starting from 12/19) turned into res, must close in red or else bear week is an utter failure. >>Fill gap.
Quick update... was watching the bounce off the drop from the recent high, it has overcome each fib level as you can see at each chart, but, on cue, might have ended right at the 61.8 level.
Leg 2 of the downwards correction is now on its way.
Last night on Fast Money they said that VIX 19 is “below its 20 year average.” I didn’t catch it all.
Does anyone have the number for the 20-year average on VIX?
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.