A quick highlight of Friday.......
-Very high volume across the board on index ETF's comparable to the bottoming days of January and March corrections
-Close and Open (of SPY, DIA, QQQQ) occur in a narrow range despite a very wide range day and very high volume
-Candlesticks indicating indecision in the market
-15 higher highs in the VIX since the May low in the VIX
-VIX surges above the 3 standard deviation bollinger band intraday but closes below it
There are other indications of bottoming action as well, so any bottom fishers or reversal pattern traders should be alert
Also here is an interesting post from VixandMore. Follow the links to read about the VIX/VXV ratio.
http://vixandmore.blogspot.com/
Pete
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