25 August 2011

SP 500 and NDX Futures Daily Charts - Coiling for a Move



Volatility remains elevated, to say the least, and the major indices appear to be 'coiling for a move,' as they say.

Hurricane Bernanke may provide whatever is required to make that move happen tomorrow, either by what he does, or does not do.

I would look for some aftershocks from this in the coming weeks as additional economic data rolls in.

I ended up NOT going short stocks, since playing the dip in gold and some miners today and flipping out of them into the close provided a more than sufficient amount of short term kicks, bangs and thrills. I had to remind myself that I am not a daytrader these days, and such extravagant profits are often illusory, being quickly dissipated by losses.