VIX Breaks Support

12/17/2008 1:17 pm EST

Focus: OPTIONS

Thomas Aspray

, Professional Trader & Analyst

chart

The VIX has broken the first support level identified last time, which is the first step in completing a double top formation. The MAs turned back to negative on December 4, and both are still declining. Two consecutive daily closes below the November lows at 47 will complete the double top formation.

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