06/08/2016 Daily Commentary: The Volatility Index VIX was up today, maybe signaling that
Smart Money is Buying VIX for a pull-back in the Markets. Markets were up today, but they are very over-bought on the short term. The S&P 500 was able to go slightly above the April Highs, but other Indices are lagging, and the Volume is poor. Closing below 2111 Breakout could be “Bearish”.
The rally since the May 19th is about to finished Wave 5 up (See Chart). Then a pull-back.
Caution! Most Leading Funds are in or near the Red Zones (probably too late to Buy for the short term). Wait for Green Zone Buys. Many Funds are having trouble staying Above 90 Relative Strength. Markets are tired.
