One Bad Day Away From A Real Good Buying Opportunity

March 6, 2008 at 9:01 pm  ·  Category: Market Commentary, Technical Analysis

I think we’re about one bad day away from a real good buying opportunity.

The Nasdaq and S&P both closed below their previous closing lows for the year.  Both are also real close to their Jan 22-23 intraday lows.

The Volatility Index made a decent move up today but still not to capitulation levels.

If we can get an ugly Jobs Report tomorrow morning leading to a gap down open and a spike in the VIX, that would make an excellent entry point for some trades.

That’s what I’m hoping for – along with a bunch of other traders.

Whether it actually happens is another story.

Posted by Greg Feirman  ·  Trackback URL  ·  Link