Friday, June 12, 2009

More confusion

In my Barron's column I talk about upside targets based on the May trading ranges. Well, the Nasdaq hit its target intraday Thursday.

Perhaps never shorting a dull market can mean don't waste your time because we ain't going' nowhere.


MrWave4 said...

Being short so far has not been profitable as we have been getting whipsawed in & out. Has the sentiment changed today ? Any reasons why this isnt a false break? Look forward to reading your newsletter tonight.

Michael Kahn said...

Could be. Volume was still light.

Wait until you see the S&P chart we'll be running in the Tuesday Quick Takes Pro.

As for sentiment, the last breakaway gap I can find in the VIX was at the start of the year. To refresh your memory, that was a peak that lasted until the current trading range.