Market Internals:
VIX Close_< 31 first cautious signal the market ready to continue the bull trend
VIX < 29.3 a strong positve for the market
VIX Close_33.38 Wednesday 07 September 2011- remains in the cautious/danger zone > 31_29.3
C-RSI-30 negative -7.1
Trader Update:
Hedged *1378
...no time wasted - the SPX 500 pushed through the current *1178_*1185 resistance into the Spetember 2 congestion High *1202 - potential to move ahead reaching out into current *1220 resistance based on current *1187 holding as support
...although market internals remain weak, the current rally has the potential for further upside based on S&P 500 versus % of S&P 500 Stocks > 50-D MA = 12.35 near extreme low levels
...however, there are risks that the September 2 congestion High *1202 caps the upside and the market turns bearish again - in that case, expect the September 6 Low *1136 to fly out the window, pushing the index for a second test of the bull level *1103 at a minimum
Kind Regards
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