We've noted that VIX hit a relative extreme low on the daily, check out the 60 mn and how Friday's brief new NDX/SPX high reversed right at VIX weekly S3, 16.89 (an amazing number for the weekly). Not shown is also 200 ema support at 17.25. The VIX is definitely due for a bounce, which means consolidation or correction in equities. But don't take anything for granted on an initial overbought drop. A steeper correction might not occur until later in the month, such as option expiration week. If ES breaks out above 1545 again, all bear bets are temporarily off the table.
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on Saturday, September 29, 2007 at 9/29/2007 04:34:00 PM.
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