An unusual megaphone pattern (broadening top) has formed on the breadth charts. Here is a 15-minute chart of NYSE breadth over the past two weeks (click chart to enlarge):
The NASDAQ has the same pattern.
George has been mentioning SPY’s megaphone pattern, however a breadth megaphone is much more rare and doesn’t automatically occur along with a price megaphone.
What does it mean? It means that trader emotions are swinging very wildly, between fear and greed as usual, and signifies an unstable condition.
Hey! My post just got deleted!
The DOW cracked the March trendline for the first time today, and closed right at it. Additionally, the DOW daily has generated a Three Amigas Sell Signal.
Matt, nice chart!
I believe junglegirl’s VIX trick is working. I tend to think there was a reversal in world markets on the 11th on that VIX day.
Bob, that one did look different, didn’t it?
I’ve been watching VXX and it has been hugging its lower BB band since November. Late October it went up to its upper band but hasn’t done anything significantly since then.
K,
That movie on food must have been funded by the Organic Association of America. (Seen in Petsmart: Organic cat nip? Gimme a break!)
Yeah, I’ve cleaned a hog and truly, there is a big difference between fresh meat and store-bought. I wouldn’t want to go back to those days though.
I’ll stop eating.
Matt,
Good catch on that breadth chart. Good link, now I know what to look for with respect to a break of the pattern.
George,
I dont want to watch it either. I feel like they’re just monetizing it like michael moore’s films. remember what we say here. dont stand in front of a moving train.
they’re trying to make people starve.
now how in the world did vxx close down a penny today ?
vix was certainly up its share…
Market Last Change %
Crude Oil 77.69 -0.05 -0.06
Natural Gas 5.466 -0.001 -0.02
Corn 369.5 +0.25 +0.07
Soybeans 950.0 -13.5 -1.40
30yr Bond 118.00000 +0.03125 +0.03
10yr Note 117.40625 +0.328125 +0.28
NY Gold 1114.9 +2.3 +0.20
NY Silver 17.975 +0.095 +0.51
Emini S&P 1136.5 +2.5 +0.22
Emini Nasdaq 1872.25 +5.25 +0.28
Emini Dow 10574 +17 +0.16
after, if you look at the $VIX, it spiked immediately and then drifted lower all day. So far, I haven’t been impressed with the ETN known as VXX for tracking $VIX. Sort of like the UNG ETN doesn’t correlate as well with NatGas as you’d think. Just my 2 cents.
Made some great trades today as I collected a dollar on SDS from yesterday’s buy, bought SSO at $39.34 and looking to ride 5 waves up to a nice top 30 points from here. See ya at the summit!
Phil, picked up some TBT below $48 looking to sell at $53+. Then I will be on the TLT train with you.
http://lh4.ggpht.com/_APmrYvpA45s/S1et_8hhr4I/AAAAAAAAGNU/dIjesgXKLik/s1600-h/Seasonality2.png
2thfixr,
Nice goin’. I was on that gravy train too. This is the way the market should be all of the time.
I’m looking for those 5 waves. I may figure that out one day.
K,
I’m going to take that seaonality chart as contrarian since nothing else has been right-on with this market the past year.