Our bounce is still on. The market is putting together some impressive intraday divergences since we took out yesterday's a.m. lows in the afternoon when the 1 min 3C timing chart started responding, showing divergent signals rather than in line...Translation..."Those shares stopped out below intraday support yesterday afternoon were likely some of the last accumulated in size before we see an upside move/bounce.
VXX Put positions (May 15th $21 and $23 ) remain in place.
I'M STILL NOT EXCITED ABOUT ADDING ADDITIONAL LONG EXPOSURE FOR A SHORT TERM BOUNCE TRADE, BUT IT LOOKS MUCH SAFER TODAY THAN YESTERDAY.
Charts to follow...
5 years ago
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