Market Holds Up STRONG on earnings

posted by: elvis date: 10/20/2010

looks like we've held in today. volatility index was down, meaning the market would grind up along with selected sectors like basic materials. with the vix acting the way it was, it meant for some awkward trading. only way to get rewarded is to be looking at the right sectors which today was anything that's related to "materials", and transportation stocks as well ( IYT sector i think).

here's a look at the spy with some key levels drawn in, the obvious stuff. not calling the shots, but just giving you all an idea of what may happen.

sentiment remains bullish after today, and the vix remains lower hitting a new 52 week low today.. like i said tough trading. as day traders we need the volatility, at least i do. betting on the vix to rise, when that does watch out for the market to sell off.

i think look for these strong sectors in the coming days to remain strong (basic materials, oil, gold etc) and keep an eye on that vix/vxx to give us a trade.

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