Some interesting charts as the VIX got overdone to the upside and stocks did so too, to the downside. As noted in the linked VIX post, regardless of whether a more serious bear phase is engaging, things looked over-done this morning.
Here are how some charts of favored items I’ve had on watch and/or hold are looking. It’s not a recommendation to buy stocks, but it is an illustration of the opposite situation to the VIX in certain stocks. Importantly, all of these items still hold their major daily uptrends at the SMA 200.
CIEN was added on the gap fill and hammer. A hammer candle, that is. These are thought to be short-term bullish reversal candles if they hold up..
AMD was increased on the hit of the SMA 200, now possibly hammering.
NVDA was increased on the smack of the SMA 200. Now also hammering.
Over in the copper patch, yup, a hammer for FCX at its SMA 200. As noted in the trade log, I added it and COPX for this reason.
COPX for reference.
While we’re at it, let’s throw in the SONY hammer as well.
