I think I'm ready for some rest. Time to head upstairs. But one last post.
This is my 15th post today. In the entire month of June, I did 59 posts. Today we have nearly 500 comments on Slope. Plus well over 40,000 page views, which has smashed the old record to pieces. The $SLIX indicator is flashing another warning!
There's a lot of talk about the $VIX, but you want to know something I realized? Today's candlestick was white. Big deal, right? But this is quite intriguing – – in all the other big "spike" days, the candle was black; in other words, fear was maximum at the open and subsided heavily toward the close. Today was the opposite. Not only was it the opposite, but it's the only "spike" instance I see in my entire $VIX history that looks like that! Compare the candle today with what is on the extreme left of the chart, which was the mid-March BSC spike.
I usually have a ton of puts. Right now, I have a megaton. And I'd rather not have a megaton explosion under my bottom if the market flies higher. My shot-in-the-dark guess as to what Tuesday will hold is a sharp drop at the open (barring any pre-morning surprises…………) and then wild swings throughout the day, followed by a relatively tame close (not much up or down). I'm not very confident about where we're going to close, but I do feel that on a number of big indexes, we're getting near major support levels. The $NDX is one, with both fan and retracement confluence at ~1700.
The S&P is nearly the 1170 level I've spoken about many, many times. This is the 50% retracement. We're already there on the GLOBEX as I'm typing this!
I had many short positions in energy, and equity bounce prospects aside, I'm feeling pretty good about these. This H&S pattern on the $OIX is quite substantial.
I'm exhausted. And I need to be up way before the open. I'm off. Ta ta.
