Weekend Update: VIX Looks Strong In Week Ahead, 50 Cent Is Back
Anthony M. Cherniawski | Jun 24, 2018 03:08AM ET
VIX rallied through the mid-cycle at 13.21 and short-term resistance at 13.46 to close right on long-term support/resistance at 13.77. It is now on a buy signal.The Cycles Model shows great strength next week for the VIX.
(Bloomberg ) Trading patterns associated with the volatility buyer nicknamed “50 Cent” have returned to the markets.
Throughout 2017, this trader made massive buys of out-of-the-money calls on the CBOE Volatility Index for $0.50 apiece as protection against a plunge in the S&P 500 Index. That strategy paid off spectacularly when volatility went haywire in February.
SPX retreats from the two-year trend line.
SPX declined from its 2-year trend line at 2790.00, closing closing at a loss for the week. A decline beneath its upper 7-year trend line and short-term support at 2721.37 creates a sell signal. Equities are entering their negative season, so care should be taken to protect profits.
(Reuters ) - US stocks rose on Friday with the Dow Jones Industrial Average looking to snap its 8-day losing streak, powered by a surge in oil prices, but losses in technology stocks curbed some gains.
The benchmark Brent crude jumped $1.83 to $74.88 a barrel, following three days of losses, after OPEC agreed to modest crude output increases to compensate for losses in production at a time of rising global demand.
Exxon Mobil (NYSE:XOM) rose 2.4 percent and Chevron (NYSE:CVX) gained 2.7 percent, lending the biggest boost to the S&P 500 and the Dow. The S&P Energy index was up 2.9 percent, eyeing its best day in nearly a month.
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