An hourly chart of the Lazy Man 5 shows TLT’s recent retreat. TLT’s flatline from the 16th to the 26th is also clear. We’ve discussed previously the importance of the $92.50 level and that’s the target in our sights currently. SPY and most of the pack have made impressive albeit low volume gains since the 23rd, led by XLB, as usual. Now comes the fun part…the end of QE2 on July 30th and the questionable buying program ahead…currently July 6th and 11th…not the aggressive daily accumulation we’ve witnessed before. Next buying schedule to be released July 13th may cause some ripples. The VIX crossed into 15 territory this morning, the lowest level in June and protective calls look cheap at this level with the 3 day holiday ahead and the month end over IMHO.
