Thursday, June 14, 2012

The Morning Call-Dimon wows the girl's softball team while Europe prays for a timeout

The indices (DJIA 12496, S&P 1314) were off a bit yesterday. However, both traded within their intermediate term uptrends (11801-16801, 1239-1806) and short term trading ranges (12206-13302, 1266-1422)---(as an aside, their closing prices were also well above the upper boundaries of their former short term downtrends). In addition, they continue to develop the right shoulder of a reverse head and shoulders formation.

Volume rose; breadth declined. The VIX spiked, closing well above the lower boundaries of both its short term up trend and its intermediate term trading range.