What’s with the VIX? When we hit the lows in Jan.(so sick of talking about Jan lows) the VIX or volatility or fear index was around 37, it closed today slightly over 29. Can we make a bottom with this number? Maybe but I doubt it. More pain ahead although we are close to a major counter trend rally. I just don’t know if they gun it before the Dow and S&P hit the lows. Well, the S&P is four points away and the DOW about 100. Both could be hit in the first five minutes of trading.
A “tell” to me on the financials today was Bear Stearns. Ace Greenberg, the respected company chairman(also Wall Streets greatest living trader imho) denied the insolvency rumor when the stock was down about 5 or 6 points,closed down about $8 bucks. No bid,so don’t ask.