Market Overview Jan 16

Boring day today, market just consolidating all day after two crazy days day at the beginning of this week. Only big mover was BBY, sorry for those that held long in it. With retail doing this great, one would wonder how does FED feel going forward with their QE plan. For those that still holding onto long, around this week low still a good stop point my opinion, but do enjoy the profit when you see it, no real good reason to hold forever unless you are Warren.

Chart attack:

See VIX chart, it interesting to see the action bounce back up, looks like building momentum. MACD still favor bullish, until it cross over.

See DIA chart, looks at that RSI trend line. Doesnt look like enough juice to bust upward. Today volume to low to mean much for selling. MACD favor bearish still until it cross over.

See SPY chart, similar to DIA, RSI trend line going lower. Volume doesnt say much today. MACD have a chance to turn either bullish or bearish here.

Short term: Neutral