I have 33 short positions now, and I intend to amp those up in the coming days based on any higher prices. As I look at the indexes, I believe the rally on Friday and Monday went a long way to relieving the oversold state of the market. Below I have emphasized the key resistance lines (as always, click on any chart for a larger and more readable version). Here is the NASDAQ Composite:
Here is the NASDAQ 100:
The S&P 100:
The semiconductor index:
The S&P 500:
As for volatility it’s eased way back and is about to re-enter the teens. This should stabilize and, before the year is over, blast into the mid-30s.
Trust the Beatles on how long the bears are going to have to wait……………..
