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Market consolidates, awaits Fed statement

Author: Varun Kanotra (info)
Website: http://www.targetsix.com/
Posted: December 11th, 2006 at 10:11 pm EST
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Not much to report today except for the fact that the DOW, SPX, and NASDAQ managed to make a higher high today compared to friday. One thing that did strike me odd is the VIX.

Take a look:

There was an 11% drop in the VIX today. Not to mention a gap down on the open. What is going on? This seems extremely bullish.

I don’t know what else to make of today except for the fact that we continue to stay within the upgrending channel (except for the DOW) and now the VIX gaps down and goes lower. The only thing that can change the bullish bias is misinterpretation by the market of tomorrow’s FOMC statement.

No change in opinion on any of the stock/index trades.

I like every other trader out there will await tomorrow’s 2:15 pm announcement.

For those of you who are bored from friday and today’s action, here’s some action packed commercial for ya:

Enjoy!

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