CHICAGO, June 27, 2011 /PRNewswire/ -- Zacks highlights commentary from People and Picks Trader "BioMO".
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Market down. Where's the VIX ? What about the intra-day reversal?
What's going on with the market? market up, down, down, up?
The VIX has had anemic highs during the ongoing correction, as an associate stated.
So what is going on? The answer may lie in the VIX. There was a spike up but nothing to indicate alarm as much as the March period. In fact the VIX is declining again. This morning even with the selloff the VIX did climb but to level I would expect with a 100 plus plunge on the DOW. Instead the VIX is still declining from its most recent high.
This is a sign of complacency among investors. The number of bulls remains above 30% and therein may lie the problem. Without any kind of panic or serious down move on large volume, most investors seem to feel that this latest correction is simply a short term blip and the market will resume its rise. The VIX reflects their complacency. Therefore the market may still have room to climb and then sell further. Perhaps if it breaks the March lows, we will see a day or two of heavy selling and the number of bulls will collapse below 25%. Then we might be able to put in a bottom. Until then the see-saw action may continue."
..........and this from another blogger..
"The S&P 500 was down 1.89% at its low for the yesterday but then rallied 1.63% from the low to the close. Since the bull market began in March 2009, this is just the 11th largest positive intraday reversal when the S&P 500 was down a percent or more at its low. Below we highlight all days in which the index was down at least 1% and then rallied by 1.5% or more from its low on the day to the close. While today was just the 11th largest positive reversal, it was the biggest positive reversal since July 20th, 2010".
The most recent picks by «BioMO» are:
A sell rating on Applied Materials (Nasdaq: AMAT),
a sell rating on Seagate Tech (NYSE: STX) and
a sell rating on Sears Holdings (Nasdaq: SHLD).
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