Sector Investing

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VXO/VIX/VXN vs SOX and AMAT on long term monthly charts. Tops are set when volatility is low. Bottoms are set when it spikes higher. Too much complacency is bearish. Too much fear as shown by panic selling is bullish and can be seen by spikes higher by the various volatility indexes. Regardless of whether the market is in bull or bear mode the volatility indices have an inverse relationship to the market as a whole:
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