The Pennant formed, broke, played out and the market has since rebounded like an emotional rollercoaster. Yes, emotions have run things quite high. However, can they remain high? Keep your eyes on the SPY as I always say. There was a burst in volumes taking the SPY back to the higher level - above the August and September trading level that is. Now there's a good chance it will trade above the August and September highs as long as the retail industry sees a happy holiday season.
With the VIX back in its "normal" trading range there's a good possibility the market will calm down and rapid price fluctuations will subside.
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