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Good volume in the QQQ and SPY action today, even we recovered most of the
sell-off. Tough to call it capitulation since we closed nearer the highs
than the lows.
The VIX approached 34 but closed just under 29 whereas 30 is generally
considered high (fearful). It's finally moved up for the past 2 days where
it was flat for the 2 days preceding that when the OEX was moving down
(complacency). With all that, it's still just in the middle of channel, not
the top.
Kent
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