CHURNING

Back from a few days off and I find the DIA/SPY/QQQQ/IWM have basically done nothing in my absence. The VIX however has dripped down to oversold levels and it is now below the not so magic 90% of the 10 day SMA level.

The markets have not rallied from the way way oversold levels and are now churning. The oversold levels are over and in addition the oversold VIX levels are probably signaling another selloff. The unfilled SPY gap from June 16 still sits out there waiting to be filled at a tad under the 123 level and that could be a good short term long entry point if/when it gets filled.

On another note, Kudos to Adam Warner on the nice mention in Barrons as they finally see the value in free financial blogs. Who says you get nothing for nothing?