VXX Update

The short term VXX trade is growing on me (calls entered yesterday, but I think even an equity VXX or UVXY would work, just remember it's shorter term).

First take a look at yesterday's VIX futures (1 and 5 min)

 This was yesterday's VIX futures 1 min chart I posted, later a small positive divegrence developed.

 The 5 min chart that had me in VXX puts until they were closed yesterday for a decent gain looked like this.

Now look at the same VIX futures/3C...

This is now the 1 min chart, it has done a LOT of work moving toward an upside move.

This is the 5 min chart, the VIX puts worked perfectly off the negative divergence seen above which is also a bullish triangle that never fired (head fake) , the point is it's almost reverted to confirmation rather than leading negative. I don't expect this to be a big move or long move, but I do expect it to move.

 The 1 min VXX / UVXY charts negative when we entered VXX puts at the top and going positive, but did you notice that as usual for the last 4 years, EVERY GAP IS FILLED?

Here's the 5 min chart with a relative positive divegrence, consider the 3C buying pressure at #1 and where price was and the buying pressure now and where price is.

I'm liking this more and more. Just looking at the chart, it just looks like price needs to finish a reversal process.

I may enter some equity longs in UVXY, not yet, but I'm looking for an interesting area.