Further distribution confirms our Sell Bias. The 50-day moving averages are in play for the major indexes. Odds are we’ll see this support crumble. But let the market do it’s thing. We’ll change our sails in accordance.
Sellers spoke loudly Friday. We’re still bears. Enough said.
All is quiet on the the VIX front. OEX options traders are complacent. They can stay complacent for weeks. Though, inevitably, this measure of volatility is due to spike in the future, reflecting fear in the market as traders buy puts for security, as the cycle lives on again and again.
I won’t turn all out bearish until the semiconductors breakdown, which obviously isn’t happening as a new high is made here.