I'm still looking at it for trading in this market...
Currently at the top of the bands and looking toppy. The airlines are all leveling off today a bit, even with oil prices down a little bit more, probably due to concerns about the larger economy, and a bit of looking ahead to OPEC having a meeting on Friday. OPEC intends to defend $80, but the Saudis really want $100 and they can make it happen.
Otherwise, the Dow hit bottom 10/10, since then has bounced up and down like a yoyo with volatility dropping a bit over the last week, but it has only traded sideways, while moving from below the bottom of the bands to the top of the bands on the other side...
Looks like we will test bottom again, soon...
Look at a 24 year monthly chart or a 10 year weekly chart, and it isn't all that clear yet that we've formed a bottom, instead of a pause... I think a lot of traders won't be expecting much more from this market until we are through this week... level off here with lower volatility, trade sideways, and the lack of enthusiasm is palpable. We still have a market that seems it is working hard on sustaining denial about the political risks in the possibility of electing Obama, which will likely be a cause for some long term reassessments of the potential for recovery, paired with new risks to key business sectors. CNBC put his picture up on a screen early today, and I watched 50 + points shed in a straightline of ticks... which ended shortly after they moved on to another topic. The market may have good reason to fear when Bernancke, Paulson, Bush, or Pelosi speak... but with Obama, all you have to do is show his picture. Don't tell the shorts...
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