Another slow day for the markets with a handful of earnings releases alongside a late afternoon reversal back towards intraday lows being the main summary. Lets jump right in with updated looks at the market indices and a detailed look at a key VIX sell signal.
The VIX continues to drop as a result of the low volatility, bringing into multi-year low territory. ZeroHedge reports, "Following the two times that VIX first closed below 15%, the S&P 500 has suffered from a 5.25% and 7.75% plunge in the following two months..."
And here is a look at Michael Kors (KORS) courtesy of my MarketSmith account. A big day today off earnings however the stock is still trading in a larger horizontal channel and may require some sideways action before it can make a legitimate attempt at levels above all-time highs. Worth keeping a close eye on.
Lastly, a great clip showing how high frequency trading (HFT) has taken off over the last few years. HFT now accounts for over 50% of all market activity. For more on the topic head over to today's NYTimes. *Note email readers you will need to visit the site to watch the video clip*
