I’ve encountered many different people in the nearly dozen years I’ve been doing this blog, and one I remember well is a chap named Hector who reached out in the late stages of the financial crisis. He had created his own style of charting that, if memory serves, he called Heccis Charts, and he provided one that was published in the autumn of 2008 that showed a huge reversal coming in NASDAQ (that is, a major buying opportunity). Suffice it to say, Hector was right.
I haven’t heard from him in years, but today – voila – he’s in my inbox again, and he gave a chart with me he wanted to share with Slopers. I hereby present………..
Here is a 5 day timeframe of a 1 minute chart of SPY vs the VIX.
Don’t be a sucker (attn: bulls).
I’ll have another post to write up after today. There have been some very interesting developments today indeed.
The last bastion for bears these days appears to be crude oil. Now that the OPEC cat is out of the bag, we can actually focus on simple economics, and it’s pretty clear that the worldwide glut in oil isn’t about to abate. Looking at the intraday chart, I’d say oil is ripe for some more slippage.
NQ is still someway short of the double bottom target at 4815, but ES has now come (twice) within three ticks of the target full retest of the all time high, and should make that target shortly. ES Dec 60min chart: