Boy, what a day! I had an very expensive lunch by assuming everything would be the same before I could finish a very good discussion about certain strange traffic rules with my friends. Well, although this kind of intraday reversal is rare but occasionally it does happen, we trade on odds not on occasional events so I guess I’ll still enjoy my lunch assuming everything will be the same and pay for an very expensive lunch again and again.
The bottom line, I think we’ll at least see a new recovery high but if you’ve remembered my last night’s report about TICK and cycles, then both bulls and bears should be careful now, as we could be very close to a turning point.
One trick today, when both VIX and SPX closed in red, 20 out of 27 times (74%) a green day the next day.