The markets are all over the place which is why I said stay out last time. Today’s action is still playing out and it’s been whipsaw city.
OVIs have been plungeing – you’ll see that the S&P has been negative for most of July and all of August so far. Normally the QQQ’s OVI is the most reliable of the Indices, yet this time it’s been up and down throughout July and August. This has been reflected in the highly volatile and yoyo nature of the markets.
Staying out has been the best option … unless you fancy yourself as a gambler … and that’s not our way here!
I mentioned to my Private Group that 2011 is looking more and more like 2008. I’ve been thinking this for some time, especially after the bearish June. It’s turning out to be more and more relevant by the day.
If you’re not in my Private Group you’ll be invited to a presentation which I’m holding on Tuesday evening for European members and on Thursday if you’re in the US. Be sure to attend because there will be some phenomenal opportunities coming as a result of this chaos, and you’ll want to be prepared for them.
SPY
The SPY has been pretty easy to read as the chart indicates …
QQQ
… However, the normally reliable QQQ is just all over the place right now, justifying our stance of staying out of the markets for now.
I’m deliberately not including any stocks today for obvious reasons … I want you to observe for now!
We’re not at the bottom yet folks, so be prepared for more fireworks.
All the best
Guy