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Market Almost Flat After News

Author: Varun Kanotra (info)
Website: http://www.targetsix.com/
Posted: December 12th, 2006 at 11:30 pm EST
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Not much change in opinion today. Market was almost flat on the FOMC statement. I would want to see a lower high form before changing opinion to short-term bearish.

Want to quickly point out, if you followed the RIMM trade that I posted two days ago you should be profitable. The stock is doing faily nicely as it fell out of its upward trending channel. Here’s a quick chart:

The VIX dropped again today with a bottoming tail. Check out the VXN also.

Ouch on X! What happened? I didn’t research to find out the reason why it gapped down and sold off on HUGE volume. Does anyone know why?

Not much to report. Let’s see what the rest of the week brings.

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