Thursday, December 17, 2009

12.17.09 - Jobs-Dollar Smack Down

Well, the dollar is now about as overbought as equities are oversold in a mere 1/2 session.  The same could be said of the VIX yesterday, which had fallen to the very bottom of its recent channel.  And here we are.  Internals are extremely negative and many trend indicators are rolling.  With price back under the twenty-day moving average, the borderline oversold conditions may not matter for a while with OPEX volatility adding to the mix.  Volume is huge today.  Rolling aside, it's hard not to see this action as distribution.

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