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Last week we expected an imminent move in the equity indexes because of VIX
indicator patterns. The 5 day RSI of VIX recently popularized by Conners did
make a turn near the 30% level. It is now near the 70% oversold level and its
+2 std dev rsi band. This sell could easily reverse on Wednesday. The
adaptive version in the center plot also moved towards its 2 std dev buy band
but has not reached it. All that is needed for the buy signal is a turn near
the bands and a crossover is not required.
With all due respect to Ben(Profittaker) and Barrons, they were correct in
their directional outlook.
BobR
Attachment Converted: "c:\eudora\attach\MVI0526.gif"
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