VXN (Nasdaq volatility index) (chart) obliterating the envelope several times over, indicating we are very close to a market reversal. That does not mean we put in a lasting low, in fact I would only chase a rally up to NDX/QQQQ 200 day moving averages and then wait and see, or maybe even go short. I think May is going to stay tough all month, so be careful and book 'em fast. June has much better potential for a lasting rally. I any case, bears are getting a little hoggish here and odds are increasing we will get a nice pop soon.
This entry was posted
on Thursday, May 18, 2006 at 3:54 PM.
