MORE NUMBERS

One thing the Iranian/Homie situation is doing is helping to alleviate the overbought condition of the markets and perhaps show us where support may lines may be.

For those looking to buy this dip, the 2 day RSI of some major market ETF's are now as follows:

SPY-15

QQQQ-13

IWM-15

SMH-16

Generally, buy signals kick in when the levels hit 10 or below, so getting close.

Volatility indexes not helping with buy signals as they continue to stay low in light of the slow summer duldrums and the anticipation of the Labor day holiday.

Usually, I like to buy when the signals align and that doesn't seem to be in the cards any time soon as the VIX/VXO tandem are just too low and refuse to budge.

Also, keep in the back of your mind that there is a gap to fill at QQQQ 37.75 or NDX 1535.