STICK-MARKET CARSH ALERT: One Sucker Rally Left – then Bottom Falls Out. Glitches at CBOE. Jobless Claims go Ballistic!
October 10th, 2013
Richard Wyckoff developed a psychological model for tracking the emotions that play out during the topping and bottoming processes.
This chart shows the labels used by Wyckoff
The same labels fit the Russell 1000 and S&P 500, but are less obvious.
As you can see, we should see another bounce higher.
If it only partially retraces the “Upthrust” peak, this top will be very near the end.
What will follow should be the mark-down phase, which will end with a panic capitulation event.
We can then transition to Wyckoff’s method for tracking the bottoming process.
CBOE Warns VIX Futures Opening May Be Delayed
It would appear that the overnight melt-up exuberance of an optimistic investing public has been stymied as the exchanges break once again. Following record volume levels on VIX options this week, we are told this morning by CBOE:
*CBOE: CFE EXPERIENCING TECHNICAL ISSUES
*CBOE: CFE EXPECTING DELAYED OPENING FOR THE VX
*CBOE:CFE WILL BUST ERRANT VX, VXT TRADES FROM 7:00-7:12:01 CT