I will let my charts do the talking today. follow my daily tweets @BoblovesHawaii
Slope of Hope Blog Posts
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VXX Watch
It looks like we have another VXX shorting opportunity ahead of us. VXX touched the top of its downward sloping channel and fell away. If it breaks below that trend line we are set up for a nice trade. However, if we push higher this week, we are setting up for a very nice short trade.
VXX struggles outside of its channel.
QIHU Looks Queasy
A Few Energy Names
Here are a few energy names I am watching and likely to trade at least one of them on the long side next week.
Don’t Short Yet
The Yellen news is out of the way, and next week is the week before the world comes back from summer vacation, so unless we get a geo political curve ball there is nothing in the charts that say jump ahead of the market and short it. In fact, it still does not even make sense to take anything off the table yet (next week is a different story).
The good deflation meme is still playing out; dollar stronger, bonds stronger, oil weaker, gold weaker, volatility weaker, institutions still buying, or at least holding, market has no choice but to stay fully invested.
I am still keeping it simple and shorting VXX through put spreads. I can envision a sub 20 UVXY before this market rolls over. For those in XIV, stay fully invested until 42.39 is breached (paid subscribers get a daily update on the stop). (more…)
