How about just a fun, raunchy bit of humor from good old Norm MacDonald? Or maybe you’d prefer another Elliott Wave article? Yeah, that’s what I thought.
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by Avi Gilburt
It seems the action seen this past week has bears scratching their collective heads once again. With many viewing the market as certainly “topping” back in March, the market has doused cold water on those expectations, as I had been strongly warning would likely happen.
Since holding the support we noted several weeks ago at 2330SXPX, the market has seen quite a powerful move back up to the target we set between 2380 and 2410SPX. And, most of the rally was seen on the back of short covering of those who jumped the gun on the bearish side of the market.
As some of you have already read, the volatility index ($VIX) went single-digits on us today, which hasn’t happened for over a decade. Indeed, we’ve been mired in low volatility for a long time, and ULTRA low volatility for over a week now. Here’s the long-term view: