Since we gapped down (instead of gapping up) we should be in sell mode for the first few hours of the day. While it could stay that way all day, (I doubt it), I do expect it to turn back up and rally to fulfill the vix FP before the real selling begins.
For today though, I expect that they will fill that gap around 131.18 spy, and may even dip a little lower too. Just don’t get caught into thinking that “this is it”, as the volume and the vix don’t support any fear here.
Mubarak stepping down tonight – I guess the markets like that news
Maybe we will just have these fake sell offs from now on.
It’s not good enough for the market to just go up anymore. Now it has to sell off, so the gangsters can buy precious calls for dirt cheap.
Patiently waiting for NFLX to hit $240.
risk off kinda day right now…..
Since we gapped down (instead of gapping up) we should be in sell mode for the first few hours of the day. While it could stay that way all day, (I doubt it), I do expect it to turn back up and rally to fulfill the vix FP before the real selling begins.
For today though, I expect that they will fill that gap around 131.18 spy, and may even dip a little lower too. Just don’t get caught into thinking that “this is it”, as the volume and the vix don’t support any fear here.
wow.. anyone see AKAM ? he got hammered.
Not sure if FP’s work with the ES, but this one indicates we will go back up at some point soon…
http://reddragonleo.com/wp-content/uploads/fp-ES-02-10-2011.jpg
I agree risk outweighs the reward. The game has changed.
ES Chart: http://niftychartsandpatterns.blogspot.com/2011/02/s-500-futures-before-opening-bell_10.html
Futures down quite a bit… is today the day?