The market appears to be right on the precipice of a reversal. The intraday charts have already turned. Right now, the hourly VIX chart is quite oversold though. Timing the hourly is a bit tricky because it can remain that way for several hours. The daily charts are looking like they want to turn also but, I think today will be the deciding factor. NM believes the shorts will take some punishment today and tomorrow and has gone long already.
I took some damage to my portfolio yesterday. I didn't feel well and my video card broke again so I'm down to one monitor. It really says something about staying balanced when day trading. If I get out of balance, I usually take some pain. Right now, I am waiting to see if the oversold conditions save my tail; otherwise, I will move into cash. It is too difficult trying to trade both directions with just one monitor. It is also difficult for me to post during trading hours so, I'll have to rely on everyone else to pick up the slack.
The dollar looks like it has turned down and is falling below the trend line. I watch the daily DXY for that. It also is below the 9 EMA which is not good for shorts. If it doesn't reverse soon then it's a long game. The daily VIX has not completely surrendered to the long game though. I guess we will see soon.
Great to see everyone's posts this morning.
Cyn ~
AI
