Volatility is causing manic swings for the CMI's year-to-date results. It's up (I'm a genius), it's down (I'm an idiot). Luckily the CMI is steady as a rock with regards to it's current QID trade.
Looking at the VIX for no other reason than the fact that I just can't get enough volatility, I'll draw a horizontal resistance line at the current peak of the VIX, and then divide the current peak number by two and draw another horizontal support line there. The bottom support line interests me because it seems that when the VIX descends half way down from the major peak, a bull market is just around the corner. I don't expect that to happen anytime soon, but if the VIX approaches 24, I'll be on the lookout for some major upside. I'm still expecting the S&P to hit 900 before that happens. Lots of bold statements here, I know...but I'm a monkey. Would you expect anything less?
Who knows where the next major peak of the VIX will end up, but I'll use 48 until it is exceeded. In the meantime, the CMI is riding the volatility and hanging on for dear life. I'm glad mechanical systems don't complain.
America Did This to Itself (shared)
10 hours ago
