08 August 2011

SP 500 and NDX Futures Daily Charts - VIX - Deeply Oversold at Must Hold Support

In the gold silver commentary tonight I will explain what happened today and why the markets reacted as they did. I thought the message was loud and clear.

US equity levels are down to the 'rally or die' level, and are completely and utterly oversold short term from a purely technical standpoint. However, this is the point where confidence could break, and stocks could move sharply lower if the situation is mishandled tomorrow, or later this week.

Say what you will about him, but Obama is certainly no leader, all show and no go, a profile in diffidence. But the polticial opposition for the most part are either self-preserving clones, or even worse, short sighted, reckless idiots on the payroll of sociopaths.

So it is a tough situation. lol.

The markets are looking for any excuse to rally. I would not bet the if-come yet, but would be aware of it.