S&P500 & VIX Update

   Subscribe in a reader

Are we looking to test the 200 ma Past Blog Post

Is The VIX Set To Rise?

 Subscribe in a reader

It maybe an early call but the Volatility Index appears to be in a Pennant formation a break higher should send it to it's 200ma around 26. ITZ downside target on the $SPX is 1340.

BULL FLAG

 Subscribe in a reader Bookmark this on Delicious

The S&P 500 appears to be setting up either a BULL FLAG formation or a PENNANT with a Bullish bias. The 200 day moving average has provided support, while the 50 dma support. 1229 near term support/resistance... but lets see where the $VIX Volatility Index goes from here. The markets have shown some stability today as Greece appoints a new PM and Italy tackles austerity reform. Not saying all is clear...BUT if we get a break out over 1275 area...then we're off to the races 1300+.

The only worry is the price of oil, or WTI which is now at $100 a barrel. Is it signaling bullish growth, or will it harm the market? With just over 6 weeks remaining in 2011, look for a chase for end-of-year performance.

Past ITZ Posts

Mid-Day Chartz

 Subscribe in a reader

Treat or Trick???

Yesterday's news off the GDP report was the Treat...today the bears are in control and we're seeing the Trick....
NOTE~ today is the last fiscal day for most mutual funds, you're seeing allot of profit taking and tax selling going on.
On the Volatility Index ($VIX) I highlighted the "Expanding Triangle" formation the other day, looks likely that the 32.5 level is the upside target there. On the $SPX I see the 1025 as minor support and the 1000 level as major technical as well as psychological support, also it happens to be the 100-ma/ 19.1% Fibonacci retracement level.
SHOULD you sell here? NO!!! As I stated the other day with the GNK post...KEEP YOUR POWDER DRY! Meaning add to positions and keep some cash on the sidelines.
Those that sold covered calls might consider buying them back at lower prices, several of the Itz Pix stocks are extreme bargains..RIMM is being given away under $60...back up the truck there, upside target is $85. SLW under $12, AUY near $10 all bargains. Make your list next week will still be shaky as we get the all important jobs report next Friday!
Hang in there!
*click on chart to expand image

Volatility Index ($VIX)

The Volatility Index ($VIX) has declined enormously from historically high levels just several months ago. However, could we see it break out of the descending wedge...or at least start to trade with in a range going into the second half of 2009? I'm expecting a pullback in the markets, after all it has risen 50% from it's March lows and most believe has gotten slightly ahead of itself.

*click on chart to expand image