Large traders are unloading very fast. And their bullish % has dropped like 10% since last reading.
Breadth is going down fast too.. especially Nasdaq which has gone down so much NASI is at zero line.
Yet VIX is only at 11...
I'm seeing CPCE at .66 today.. there's absolutely no fear.
Maybe they think its because of low volume.. or maybe they think its x-mas rally time so it can't go down..
I don't know what it is, but I don't think this supports the bull side.
Now I think bearishness will come in very quickly once the fear hits the fan. I'll be watching for it. So far, looks to me like people are trying to buy the dips.
If bearishness increases fast, then it'll shoot back up like I think it will for the final run up to feb-march time frame.
So far though.. large trader bullishness is coming down fast, but there's no fear as far as options are concerned.
Btw, I'll be posting charts in my blog throughout the weekend.
Btw, Qs just lost the 50MA... last time it broke it in 04, 200MA became support for the bounce.
Edited by dcengr, 22 December 2006 - 07:33 PM.