The 200 pt bull move on friday was fun if you didn't leave early on friday...But, nothing has changed from the weekly chart perspective...Looking at the SPY and VIX index, we are in a bullish consolidation pattern on the SPY. The VIX looks like it wants to head back down to 21, where the gap and support trend is.
If we take a weekly perspective, not a daily, or hourly perspective, we should see a rally soon, regardless of the 'bad news' that may come this week...
See my previous post for details.
http://traderbean.blogspot.com/2008/02/volatility-s-and-semis.html
tb
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