Market did a total reveral of what it did yesterday. Today, it opened high and soon turned around a continued to slide lower all day. VIX, again, gave us some good clues. That $18 support held firmly and VIX just bounced off. I got “increasingly cautious” as the day went:
HappyTrading
Posted May 7, 2008 at 7:30 am | Permalink (Edit)
market
volatile; VIX holding that $18 support; be a little more careful today.
HappyTrading
Posted May 7, 2008 at 7:59 am | Permalink (Edit)
market
a little too volatile to trade right now.
HappyTrading
Posted May 7, 2008 at 8:19 am | Permalink (Edit)
VIX
threatening to go higher again.
HappyTrading
Posted May 7, 2008 at 9:00 am | Permalink (Edit)
market
what I’m cautious about the market right now is looking at VIX’s daily chart. The $18 support is holding firm and is drawing a flatline on the bottom. On the other hand, the resistance levels on SPX and Nasdaq is also drawing a flatline on top. We’ll have to see how things go. Market needs to make a breakout move soon.
HappyTrading
Posted May 7, 2008 at 9:28 am | Permalink (Edit)
market
churning today; killing some premiums in the options.
HappyTrading
Posted May 7, 2008 at 10:17 am | Permalink (Edit)
VIX
coming up; be very careful.
HappyTrading
Posted May 7, 2008 at 12:01 pm | Permalink (Edit)
wow, cashed out walked away for 2 hours and look at the market!
I’m more than 95% cash. Wouldn’t hurt to wait a couple of days. VIX showing intraday tops. Some eager buyers coming back in. I might look at some June puts. But, then again, it might be good just to take the day off.
(Market comments like the ones above can only be seen on the member board, as things happen during the day.)
I cashed most of my long positions out and held largely in cash, although I did “nibble” on some June puts. Some people might try to tell you that the market went down “because” of the high oil prices. While oil prices may have exerted some pressure, the market didn’t seem to be bothered with $123. So, why be bothered with $124? Everyday, the market moves to its rhythm.
