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The reality of the situation is that the markets are acting normal. It's the tremendous microscope that is hanging over the markets these days that has seemed to bring back a lot of the fear and when we look to read the fear we turn to the $vix. I spotted a interesting level that lines up with each recent pullback in the market. It is not foll proof but it adds to the opinion that I think we move a bit higher before we see if this recent run is a bearish channel bounce (I am staying away from saying bear market bounce cause that is not the case yet and especially after the last 2 days.
The $Vix could hold some clues.
Chart 1 Larger Image View
The fantastic Candlesticks that was put in the last 2 sessions are also adding to the bullish bias. This type of candle has proven to be the beginning of larger moves higher.
The key now is to see if we fail the move to new highs this will probably happen at one point considering the break down through previous lows. Going into next week I am looking for a better opportunity to get back into the SPXU but want to see at least a failure and cross back down on the daily stochastics.
Look at those candles above ..Its hard to not expect some follow through
Bad news of course will derail the train fast so the risks are out there but I feel it would have to be more then a debt ceiling debate.
Going into next week I am extremely bullish in $GIS and $PG also there are very strong
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