ARMS STUFF

I certaintly don't like to criticize anyone at realmoney.com, but I think Dick Arms may be in need of new spectacles. In this morning's commentary Dick says the following:

"The Dow came down to just about its June lows, where support is to be expected. The S&P 500 has, so far, held just above that support level as well. The Nasdaq broke that support last week, but it seems to be trying to hold at its October support level.

The VIX is almost back at its level from the June market low, which is another reason to look for some support here. In addition, the Arms Index moving averages continue to be very oversold."

I agree with everything except the part about the VIX which hit 23.81 on June 13 and hit a high of 19.58 yesterday. That is not back at the June levels and maybe if Dick looked a bit closer he may have drawn the same conclusion that I did on my first post.