TECHNICALS-VIX/SPY

Buy signals are near as the SPY closes with a 2 day RSI of 26 and the VIX closes about 7% above its 10 day SMA. The general rule is the market doesn't make much progress when the VIX trades more than 5% below its 10 day SMA and the reverse is true as it doesn't go much lower when the VIX trades more than 5% above its 10 day SMA.

I would like to get the SPY closer to its 50 day SMA level of 129.75 and the VIX a bit higher, but it may be time to begin to scale in long. The QQQQ may be the best bet here as it trades at a 2 day RSI level of 14.

On another note, the OIH closed over 4 bucks to the green and if you aren't making money selling puts into the dips you are not paying attention.