Friday, July 20, 2012

Follow Up UVXY/VXX

Just to be clear, I'm just looking to trade around the UVXY calls, I still hold some August $9 calls (Fat finger trade-meant to get a $7 strike).

Also I still like VXX and UVXY for the near term trend (market pullback).

 VXX which often gives better signals on a 1 min chart with an intraday leading negative divergence confirms all the other charts we have seen.

 Beyond that short timeframe though, charts like the 3 min have a great leading positive trend

 Or the 5 min

Or even the 15 min, so I'm just looking to take some quick profits and look for a better entry in that particular position.

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