Well it looks like we put a wart on that pony's nose this week as you can see by the bull flag breakout on the weekly and the daily. Today's close of 1102 puts us back on track to the upside but we have made a lot of resistance on the way down. Once again we have got to get over that 1121 wich just happens to be the 50% fib line back to the all time high of 1576 (remember that?) Then we have the 1133, and then and so on and so on. Looking at the monthly we see a bullish engulfing candle forming but remember the moon has not completed it's cycle yet. So with this renewed upward momentum Old Mr. VIX is sort of taking a rest for now, might even see him drift down into his teens again. I would not load up the wagon just yet as the charts are playing out some sideways motion to the upside but like I said there are several resistance lines to overcome begining with that big blue 200ma. So trade what you see when you see it and trade to trade well. J.R