Today the $NDX ran upward in the early morning trading before finding resistance at 1497.71 ( high of the day)...meger up move in terms of trading volume as we near the holidays is not unusual. The open is at 1483.66 and the low is 1468.11 the closing candle is a doji. The fib retracement is nearest to the 38.2% (1504.36) area and slightly above the 8 sma (1446.22).
http://stockcharts.com/h-sc/ui?s=$NDX&p=W&yr=2&mn=0&dy=0&id=p85392741392&a=141708514&listNum=1 http://www.freetradingvideos.com/vlog/default.asp?category=1 It's very possible that this fib area could act as the first level of resistance in the current upward move we've seen through out the past several trading days. As the trading day begins tomorrow we'll need to be mindful of this area and trade cautiously. On Jun 30, 10:02 am, renuka devi <[email protected]> wrote: > By Jeff Kearns > > June 30 (Bloomberg) -- The drop in the Chicago Board Options > ExchangeVolatility > Index <http://mail.google.com/apps/quote?ticker=VIX%3AIND> below its level > when Lehman Brothers Holdings Inc. collapsed left the benchmark gauge of > U.S. options prices 26 percent above its average. > > A four-month rally in > equities<http://mail.google.com/apps/quote?ticker=SPX%3AIND> > pushed the VIX to 25.35 yesterday, down 37 percent for the year and giving > it the first close below 25.66, the level before Lehman filed the biggest- > ever bankruptcy on Sept. 15, 2008. The > index<http://mail.google.com/apps/quote?ticker=VIX%3AIND> > had declined 69 percent from its record of 80.86 on Nov. 20, 2008. Today, > the VIX increased 5.5 percent to 26.75 at 10:42 a.m. in New York. > > Above-average volatility<http://mail.google.com/apps/quote?ticker=VIX%3AIND> > shows traders are still paying up for insurance to protect against losses > in the Standard & Poor’s 500 Index. More gains depend on investors > overcoming the remaining skepticism, sometimes called the “wall of worry,” > spurred by last year’s 38 percent slump in the equity index, the steepest > since 1937. > > “It’s still elevated because people aren’t 100 percent sure this is all > over,” said Stefen Choy, founder of Livevol Inc., a San Francisco-based > provider of options market data and analytics. “Everyone is waiting because > they know the worst is over, but they don’t know how fast the recovery is > going to be.” > > The VIX <http://mail.google.com/apps/quote?ticker=VIX%3AIND> slipped 2.2 > percent to 25.35 yesterday. The S&P 500 added 0.9 percent to 927.23, > extending its best > quarterly<http://mail.google.com/apps/quote?ticker=SPX%3AIND> > advance since 1998, as energy producers gained with the price of oil. The > benchmark index for U.S. equities climbed 37 percent from a 12-year low on > March 9 on speculation that the first global contraction since World War II > is easing. > > Signs of Recovery > > In the U.S., the Conference Board’s measure of leading economic indicators > increased in April for the first time since June 2008 and rose again last > month. Analysts covering S&P 500 companies boosted 2009 profit estimates for > the first time this year in May, weekly data compiled by Bloomberg show. > > Lehman, once the fourth-largest U.S. securities firm, filed the largest > bankruptcy in U.S. history on Sept. 15, prompting a freeze in credit > markets. The VIX surged 24 percent to 31.70 that day. > > The VIX has averaged 20.18 in its > history<http://mail.google.com/apps/quote?ticker=VIX%3AIND> > stretching back to the start of 1990. After peaking in November, it dipped > below 30 in May for the first time in eight months. The index reached an > intraday record of 89.53 on Oct. 24. > > The stock market has slumped in the past when the VIX traded at this > level<http://mail.google.com/apps/quote?ticker=VIX%3AIND>. > It closed at 25.95 on June 15, 1998. The S&P 500 retreated 11 percent in the > next 2 1/2 months as Russia’s debt default and Long-Term Capital > Management’s failure caused losses at financial firms. The VIX stood at > 25.47 on March 30, 2000, as the Internet > bubble<http://mail.google.com/apps/quote?ticker=NDX%3AIND> > was bursting in a collapse that erased 49 percent from the benchmark index > for U.S. stocks through October 2002. > > Smaller Swings > > The VIX is also dropping because stock-market swings are decreasing, which > means dealers aren’t able to charge as much for contracts. Twenty-day > historicvolatility <http://mail.google.com/apps/quote?ticker=SPX%3AIND>, a > gauge of past price swings, for the S&P 500 declined from this year’s peak > of 51.16 on March 24 to a nearly 10-month low of 19.92 yesterday. > > “Option market makers have to maintain option prices at a level that > reflects the actual volatility of the market,” said Dan > Hutchinson<http://search.bloomberg.com/search?q=Dan+Hutchinson&site=wnews&client...>, > head of derivatives at Meridian Equity Partners Inc. in New York. > > In February, Congress approved a $787 billion economic stimulus plan to help > jump start growth and end the longest recession since World War II. > > Federal Reserve Chairman Ben S. > Bernanke<http://search.bloomberg.com/search?q=Ben+S.+Bernanke&site=wnews&clien...> > has made unprecedented use of the central bank’s powers as the lender of > last resort. He kept banks liquid by accepting bonds they can’t trade as > collateral for Treasuries and bailed out the nation’s biggest insurer, > American International Group Inc. > > “Fear of the doomsday scenario has definitely subsided,” said Jeremy > Wien<http://search.bloomberg.com/search?q=Jeremy+Wien&site=wnews&client=wn...>, > a VIX options trader at Societe Generale SA in New York. “Given the steps > the government has taken and the decrease in huge market swings, it’s > entirely reasonable for the VIX to drop to these levels and possibly even > lower.” > > -- > Swami Vivekananda : Life and Teachings > > Copy the below link to your Browser : > > http://www.belurmath.org/swamivivekananda.htm --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. 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