Wednesday, July 22, 2015

Some fear charts

Looks like that little one-week burst upward in QQQ is about played out. Thankfully I dumped the last of my HQU yesterday, feeling it was overplayed on the Google pop.

I felt stupid buying XSU and CJP for replacements, but it doesn't look like such a bad idea now.

Cuz HYG is rolling over:

Which means very little except maybe a bit of fear.

I'm sure it'll get played up in the gutter press if it keeps dropping, though. We need a bearish narrative, don't we? I mean, there has to be a new reason to expect a "massive repudiation of debt" or a "liquidity crisis" resulting in the US markets going down OH MY GOD a full 5%.

And of course $VIX bottomed on Friday:

Looks like it wants to move gently upward for a bit. The drop from 20 just felt too damn fast to me, especially since it seemed to be driven just by the stupid end of stupid fear caused by stupid news about stupid Greece. Now, sudddenly, the market for downside protection has a bit of life again.

I guess that's cos while QQQ broke out, SPY did this:

Which is bloody annoying, no? How many times does it have to turn back?

Oh well. I eagerly await the next buying opportunity. Cuz this picture:

is worth a thousand words - mostly variations on "quit piddling your frilly little pink panties".

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