Market Update

I still think they'll try to bounce this market, especially if it seems retail is jumping on the VIX bandwagon. I've been trying to decide whether to close up the entire VXX call position, now at a +70% gain, but I don't see the signals there to do so.

Really it's still largely the Q's and the IWM that have the signals for a bounce, the SPY and DIA really don't, perhaps this will be like yesterday in which the IWM was a severe under performer except we rotate to the SPX where Financials are hurting it as its nearly 25% financials.

The only ramping lever I see at the moment is AAPL and HYG is seeing intraday accumulation so again it doesn't look like much more than a shakeout move or shake off any new, clinger's on.

I think for the moment I'll look for the opportunities on the other side of a probable intraday bounce rather than selling VXX calls now as the signals just aren't there, if they show up, then I may change my mind and try to trade around this.