Monday, June 8, 2009

VXX Potential Double Bottom


Looks like a trend day down today. Long positions will be seriously fighting the tape today.

5 comments:

Shawn said...

Stewie, why do you think this is an important chart, given the fact that volume is low?

I agree the price and volume pattern look bullish for VXX, but is it a good indicator for market?

Thanks
Sean

Stewie said...

i am seeing simialr action in VXN and VIX. shawn, i do not think that this rally is over but it might be getting a little tired here as many leading stocks: goog, aapl, rimm, pot, oih, gs, look like they need a break for a few days at least. so nice and easy with new longs jmho.

Anonymous said...

financials are strong, maybe they can carry the load while the commodies and tech take a break. It really is amazing that the market has rallied this much given the financials havent done anything for a month.

Stewie said...

i am seeing this theme happen taking place yet again, The market tanks and financials trading up! When the rest of the rallies, the financials trade down! This is what has been so frustrating for the bears. They CANNOT get the financials to follow the market down on selloffs. This is just incredible and reeks of manipulation. By whom??? i will your imagination run wild on this one.

Check out this link and you'll see exactly what i am talkin about:

http://finviz.com/map.ashx?t=sec

Stewie said...

it's insane in this market you need to able to quickly change your bias at a moments notice. Made two trades. TZa long for a 2% gain and then ERX long for a 6% gain. I meant you literally have to trade what you see at the very moment because stuff changes, bob s and weaves at "crack head pace".

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