Intraday Market Thoughts

Archived IMT (2009.10.31)

by Ashraf Laidi
Oct 31, 2009 11:17

While stocks have yet to prove that the last 2 down weeks will not be part of a temporary decline as was seen in June, yesterdays 6-POINT JUMP IN THE VIX to a 4-month high and above the triple top of 29, suggests the potential for sharper declines in equities. Watch the 100- WEEK mov avg at 32.45 and 200-DAY moving avg 32.70. Remember how the VIX was LOWER in March (when indices were at 12-yr lows) than it was in October (when indices were higher than in March). This could signal prolonged losses in equities ahead, with our key support seen at 990 in the S&P500 and 9,100 in the Dow.


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