AT40 = 69.0% of stocks are trading above their respective 40-day moving averages (DMAs)
AT200 = 63.3% of stocks are trading above their respective 200DMAs
VIX = 9.9
Short-term Trading Call: cautiously bullish
Commentary
The PowerShares QQQ ETF (QQQ) actually closed just BELOW its upper-Bollinger Band (BB) at its fresh all-time high.
The volatility index, the VIX, was faded hard on Wednesday, but it looks like it is stabilizing above all-time lows.
The brevity and shallowness of the dip is part of a months-long pattern. I was amused by the conventional financial media that assigned great weight to the selling and went on expeditions to explain the losses. Most, if not all, of those explanations, appear meaningless now.
