21 October 2015

SP 500 and NDX Futures Daily Charts - Reversal

Stocks were on a see-saw today, but finally gave up their attempts to go higher, and slipped to the lows of the day into the close.

VIX ticked up a bit in the last hour of trade. I had been watching it carefully, at least for the time that I was in my office and not gallivanting around with the most precious jewel.

On the charts we see a retracement from a short term top, at least so far.

Let's see if stocks will give it up here and continue to roll over, or if the street can gather its forces and push them higher. Selling volume is still rather light. But so is organic buying. This looks to be algo-driven, and without much commitment except to short term profits.

After the bell American Express missed its numbers.

Valeant was getting monkey-hammered today on a report from a bearish analyst that they have been using distribution pharmacies in order to book sales, with the meme 'the Enron of pharma' making the rounds.

Not to be deterred by his losses today, Bill Ackman stepped up and supposedly bought 2 million more shares.

Have a pleasant evening.