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Thursday, July 29, 2010

07/29/2010 After Bell Quick Summary

The bottom line, the short-term trend is down.

The SPY daily chart doesn’t look good with two bearish reversal bars (open high close in red) within 3 days.  But bears still need to seal the deal tomorrow because if we get yet another huge gap up tomorrow morning, that’d be the 3rd time huge gap up in 4 days which should be very unlikely to be sold off again as the 3rd time is the charm.

One trick for tomorrow, when both VIX and SPX closed in red, 25 out of 36 times (69%) a green day the next day.


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