Plop, pop, oh what a relief

Even with bearish economic reports on consumer confidence and housing, the bulls brushed off their pootie, realigned themselves and marched up the charts!

And look at that VIX:

VIX Mar 30 2011

Except for that pop up 2 weeks ago it’s been in a channel forever. Last Thursday Friday and Monday formed a nice bullish Morningstar candle pattern, but it needed confirmation today…which fizzled quickly! The VIX remains oversold and looking for a way up the chart.

Job numbers start coming out tomorrow with the ADP and Challenger reports, Jobless Claims on Thursday and BLS on Friday. Now we’ll see just what kind of job issues we had in March….could spring us to new highs or continue that correction we started last week. Oh what fun we’re having!

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