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Bullish Intermediate-Term Technical Indicators

 
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PostPosted: Sun Aug 19, 2007 6:14 am    Post subject: Bullish Intermediate-Term Technical Indicators Reply with quote

The three charts below are market bullish intermediate-term. In particular, the CBOE Put/Call 200-day MA continues to reach all-time highs, currently at 0.99; the daily VIX reached 37.50 Thursday (after trading mostly between 10 and 20 for several years); the NYMO 20-day MA is below negative 50 (it's not often the daily NYMO falls below negative 50).

SPX fell 12% from 1,556 to 1,370 in less than a month and closed at 1,446 Friday. It's possible, SPX has achieved an intermediate-term low and will begin to stabilize, although the daily VIX may trade within the normal 20 to 40 range. If SPX pulls-back to around 1,400, that may be an excellent buying opportunity, because a test of the high around 1,550 may take place before the end of the year. Consequently, Jan calls may be buys on pullbacks.





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