Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Wednesday, October 9, 2013

Mixed Close, No Washington News

Stock Market Technical Analysis Blog

click on image to enlarge

In the market today we had a mixed close without any meaningful news on the Washington situation.  Nonetheless, they went with the Yellen appointment to try to move the market up after a brief drop at the open.  During the middle of the day and early afternoon, we were looking good for a reversal day but in the last thirty minutes the market turned and rolled over as the VIX decided to stay in its steep blue line channel shown in the middle cluster, lower chart.

Today's candle showed that the market was trying to reverse and sometimes it can go sideways at the lower channel line for a number of days before actually starting a move back up as can be seen in the upper chart cluster, chart 4.  The bulls like what happened today but not enough to hold overnight which caused the last thirty minutes exit frenzy.  

Trade well my friends