Most of all, VXX hasn't hit a new low as you'd expect it to so protection is obviously bid, that's where I'm tempted to act or on an inverse ETF like QID/SQQQ, SDS/SPXU, but I'd rather not be hasty.
ES's 5 min chart is a good example of why I usually won't take a short trade unless there's a negative on that timeframe as it starts to lose momentum and altitude on the regular open with that 5 min negative in place.
Also interestingly, so far TLT has confirmation early on and I say that because of the "supposed" fat finger trade in the long bond last night, a huge block in thin volume, a flight to safety and thus far the 20+ year TLT is in line or better this morning, as I said earlier, "I doubt that was a fat finger trade".
It's really the VXX/VIX futures that are really impressive as they hold up way better than they should.
There are a few other assets that are also looking very interesting and Industry groups, thus far there's ZERO confirmation in XLF (Financials) and XLK (Tech) and nada in AAPL. In fact I have stayed away from AAPL both long and short just waiting for timeframes to give a high probability position, the 15 min has been UGLY as sin for weeks, but that's about it, this morning 1, 2, 3 and 5min charts (about as far as I'd read at this time of day) are all negative/non-confirmation.
However it is still very early, I think it's best to be patient, let the a.m. trade burn off and double and triple check.
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