Are too many people waiting for vix over 30?

[seasideheights]

They say a bell doesn't ring at a market bottom.

Has the vix over 30 become the bell that won't ring?

 

[MrDODGE]

Either the VIX over $30 or some actual positive economic news that isn't GM giving away cars will turn it around.

 

[trader_arb]

Could be - everyone depending on the same indicator usually makes it worthless in terms of predictive value (or a self fulfilling prophecy).

 

[matgallis]

the vix does look like it's breaking out of that mini triangle..

We're getting close to the bottom, not willing to risk 15% of my cash on it just yet

 

[womblevader]

Man I don't know what makes you think that the bottom is in.

Have a look at the S&P weekly chart and see how many potential double bottoms you can see on the way down in 2002. VIX is a pretty useful indicator I'm still shorting against a] The previous days high, and b] The 3 days high.

You may see a bounce but IMO the market needs to capitulate and finish the last wave of transfer of wealth from weak hands to strong hands before it goes up.

Cheers