VIX FLIPS

The VIX is getting a bit jiggy today with the markets tanking after more thought about fed speak. Well there has to be some reason, maybe because W is focused in on my IM's with other traders, gotta be some reason.

Anyhow, the VIX is now trading at about 5% above its 10 day SMA and rule number something says the market rarely makes much downside progress when the VIX is that overbought. In addition we now have the SPY trading at a 2 day RSI of around 10 so a buy signal finally appears on SPY to go along with IWM (6) QQQQ (4) SMH (3). So pick your poison or spread it out. I presently own all but the SPY but that will be my next purchase on a scale basis.

If the markets sink further and the VIX/VXO sixters go higher, I will be buying. The longer term chart is bullish and everytime there is a selloff it has been a buying opportunity.