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It certainly looks obvious that various sectors are starting what could be a significant decline. I pointed out the VIX and the elephant in the room last week, indicating that one should be coming, it was just a matter of time. Lets look at the charts ...
In this chart of the VIX I was pointing out that tops (maybe just temporary ones) often started with the Vix in the 12-14 area. It also did a reversal Friday
So this is what has transpired...
Read MoreI was away from my desk Friday and upon returning to the charts on Monday, I am seeing some changes that I want to discuss. Lets start with our regular market review. Lets take several views of the markets, both bullish and bearish, while remember that ELEPHANT IN THE ROOM discussed here last week.
SPX
But we keep this in mind too as we remember that Elephant in the room...
Read MoreCan we talk about the elephant in the room for a minute? Not the one seen above, I'm actually talking about the one below . Notice how the Trannies sideways move has lost strength & momentum.
IYT- Zoom in and see the break down in the IYT
How can this be in such a strong market. Buy the dip mode is in full force, right?
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