Another BTFD day. Another world has been saved day. And we have not seen helicopter Ben throwing money in USA yet, I mean directly. He is doing so indirectly by SWAP lines and ECB LTRO. Can you imagine where the indexes will be when Hel-Ben shows up here in USA, giving away free money? You better shed your bear skin and try to think like a bull. Because he will definitely show up.
I have whole host of technical indicators screaming murder but the bottom line is that the up- trend has not been broken. Time to buy? I would say that unless SPX breaks 1370 convincingly (stays above the level for at least two days in a row), I am not ready to become a bull. VIX may be signaling something:
Also there is a divergence between SPX and VIX. SPX making higher high but VIX is not making lower low. Rather it is also making higher high. It is now up two days in a row.
Per ZH Dow crossed 13000 22 times today.
Now we know that ZH is given to hysteria, but still they have a valid point here.
SPX closed 1.85 points up while Dow closed 1.44 points down. Gold sold off and so did oil. I have an interesting chart from Uempel :
He does not give conclusion but being a smart person that he is, poses a question. Anyone seen a top yet? So while wait for the trend change, here is the trend table for today. The Indexes are mostly unchanged.
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