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I have 33 short positions now, and I intend to amp those up in the coming days based on any higher prices. As I look at the indexes, I believe the rally on Friday and Monday went a long way to relieving the oversold state of the market. Below, I have emphasized the key resistance lines (as always, click on any chart for a larger and more readable version). Here is the Nasdaq Composite:
Here is the Nasdaq 100:
The S&P 100:
The semiconductor index:
The S&P 500:
As for volatility it’s eased way back and is about to re-enter the teens. This should stabilize and, before the year is over, blast into the mid-30s.
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