VIX – market wrap-up

The VIX closed slightly lower and erased the 12 count – as did the SPX close back above 900 and erased the 9 count. The same procedure as yesterday – someone (PPT) bought fiercefully the market up and protected follow through selling to occur. Actually forced shorts to cover as the traders are all nervous. Crude oil rising helped to get the DOW with Exxon and Chevron in demand. I assume they try to keep markets up until the FED cuts next week Wednesday, but it would be much more efficient to let it drop so it can recover on its own. MSFT came with 48 cents although MER had claimed they would surprise to the upside. The outlook was even a bit lower for the next quarter but MSFT trades 40 cents higher as I write after hours. The overall picture remains intact, we still need the dip in the markets to have a valid low for now. Miller Tabak’s strategist came with a call for the DOW next year this time of 5000 – I agree with 4000 by Q1 2010.

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~ by behindthematrix on October 23, 2008.

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