Early Update

I have to say the opening parabolic move made me a bit nervous as I decided to keep the VXX call position open until A) I have good 3C chart reasons to close it or more likely B) until the market pulls back toward yesterday's intraday lows which I thought probable and we saw happen in SPX futures overnight, but the cash market still needed to.

I have to confess, it is so much easier to make decisions based on objective evidence rather than what I think or fell at the time because on the open as the market went in to a parabolic rise, what I felt was the VXX call profits slipping away, what I thought was , "I should close the position and keep what gains are left", but that's not the way I make decisions, I make them based on the best objective evidence I can find and it's not always an easy decision.

 Despite how I may be feeling emotionally at the time, the 1 min SPY 3C chart still has the negative divergence from yesterday suggesting price pullback and while it doesn't tell us exactly to where, I've suspected yesterday's intraday lows or around the daily SPX 150-day sma,

The ES 1 min chart was not confirming the parabolic move up on the cash open and thus was a second bit of objective evidence that told me, "Be patient", this should come back down. Had I closed the VXX position on the opening parabolic ramp out of panic I would have had a +36% gain, rather than the current +45% gain which should get better.

Our custom NYSE TICK chart was telling me the same...

SPY vs TICK with the TICK deteriorating suggesting a pullback or additional downside and not a lasting parabolic opening move.

 The intraday VXX chart was in line as well.

And of course the bigger picture 10-15 min VXX charts are leading positive in a big way, but that's a bit of a different perspective than just intraday.

I'm still looking for a pullback toward yesterday's intraday lows. The idea is if we can get a pullback to the area, we'll have a 3rd tag of the SPX 150-sma and it will be an even stronger stop-level making Technical traders' predictability easier to use against them and making Wall Street's predictability in using Technical trading against technical traders more predictable.

I still think a near term oversold (1-day oversold condition from yesterday's Daily Wrap's internals) bounce is likely, however a pullback toward those lows would show us what's happening in underlying trade, is it being accumulated for such a bounce or is it in line and likely to just break below the 150-day m.a.

For position management, if there's accumulation in to an intraday pullback, then I'll make a decision as to whether to take VXX call gains off the table which I'd probably do. Even if we don't get a move to yesterday's intraday lows, if the 3C charts start showing better looking intraday charts suggesting a bounce as right now (above) they are still suggesting a pullback, then I'd also consider taking the VXX calls/gains off the table.

The 5, 10 & 15 min leading VXX charts tell me something about the bigger picture and the pathway of least resistance beyond short term intraday trade and it's not looking good for the market, but we've known this for some time. This is really more about opportunities and the movement that creates them.

We still need to get to the area or get intraday signals above and beyond what we have,  I think the main point I'm trying to get across is trading and the market is made so  much easier when you are not making emotional or arbitrary decisions, but decisions based on probabilities of a system or indicator you trust. You won't always be right, but you'll be wrong a whole lot less often.