NEW LOW

That is a new low on the VIX as it tries to become a single digit midget. My guess is for a selloff into tomorrow and then it all starts again next week as the Thanksgiving week is typically strong for equities.

It is surprising that stocks aren't doing better in light of the trashing that oil (new low) and oil stocks are getting. The market internals are exactly flat as oil is crushed so maybe a bit overbought here. I will however, go out on a limb and predict the OIH hits 150 before year end as winter brings in some cold days in the northeast. OIH is very volatile as it is now trading at 136+ after hitting the 142 level yesterday.

Back to the VIX, it is down to 10.1 and trading at about 7% below its 10 day SMA and a 5 day RSI near 20. It is going to be hard for it to go much lower even with a big holiday week in front of us but I will go with lower prices tomorrow and then I will figure out next week as I may take a day or two off.