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Post by theMist on Apr 21, 2017 11:08:26 GMT -5
Always have to be careful being long VXX when the guitar solo section ends in Freebird lol S&P Hourly ChartS&P dropped below neckline and bounced off of rising support by those moving averages and if next candle is bearish engulfing can see another leg lower in S&P this afternoon
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Post by birthmark on Apr 21, 2017 11:27:26 GMT -5
So MNKD did a reverse split? That's not good. Only gives it more wiggle room below, and looking at its chart, that's very likely. I think MNKD has a decent chance of seeing .40's now - that's <.10 pre-split price - and a good example of why reverse splits can be so devastating to a stock. If S&P is in the right place when that happens, I might play it long from there, but this stock has a good chance of going to zero, so ONLY IF S&P is on some major support. I still watch it Huh. With pity! I'll be surprised it MNKD survives. GL
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Post by theMist on Apr 21, 2017 11:33:37 GMT -5
For Walnut When you can grab the charts out of my hand, it will be time for you to leave lmao
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Post by ipath on Apr 21, 2017 11:38:25 GMT -5
A fierce fight between the bulls and the bears at 2351-ish I believe no matter what SP500 does going into the close VXX will rise in the last couple of hours of trading. Most VIX Traders cover shorts going into the weekend, especially this time with the election and NK noise
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Post by walnut on Apr 21, 2017 11:44:06 GMT -5
I'd have to agree I wouldn't want to be short vxx over the weekend
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Post by theMist on Apr 21, 2017 11:47:44 GMT -5
VXX left behind Breakaway Gaps (not common gaps) as high as VXX 23.64 back in January of this year during this stellar Trump rally Normally Breakaway Gaps are filled within roughly one month after making them and I was surprised to see gaps go unfilled for this long
If there was ever a time for VXX to possibly get back up to 20 range, it would be now IMO But if VXX does turn back down and this turns into a speed bump on its long trek downward then the markets will probably save those gap fills for the next Bear market.
VXX is forming a large bottoming pattern which easily measures VXX 20. VXX is also flirting with a breakout of large descending channel that it has been in February 2016 We also have vix futures for the first time in a long time in backwardation
Holding VIX SCAMs short for long term (unless properly hedged) is definitely dangerous in regards to the above I would stick to scalping shorting them and if you can stomach the wild swings, stay long the VIX SCAMs
As for S&P, from the SP2300 break higher, it also left behind Breakaway gaps. Breakaway Gap in 2320 area which is still unfilled as well as a runaway gap in 2350 area as well as exhaustion gap in 2375 area. Exhaustion gap is usually a signal that move is coming to an end. Only S&P breakaway gap that is left is in 2320 area and the break at SP2300 was never backtested
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Post by theMist on Apr 21, 2017 11:53:56 GMT -5
VXX Daily chartI would wait to see if VXX breaks out of that long descending channel OR rolls back over before making a long term move in VXX
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Post by walnut on Apr 21, 2017 11:57:27 GMT -5
thats a good chart
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Post by theMist on Apr 21, 2017 12:19:54 GMT -5
VXX Hourly Possibly forming large bottom pattern that points to VXX in the low 20s
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Post by theMist on Apr 21, 2017 12:34:48 GMT -5
S&P DailyHitting rising support on daily chart. Going to be interesting which way S&P gaps on Monday My gut tells me down along with everything else I am seeing Note the bearish alignment of moving averages (10,20,50) -- S&P follows thru to the downside and they will widen and will start to point down
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Post by theMist on Apr 21, 2017 13:01:34 GMT -5
I really think Trump watches S&P charts Breaking news re tax reform 'MASSIVE' tax plan to be unveiled next week Why do I have the feeling market will be let down next week?! Big promises and so far can't deliver. Also, flip flopping on certain issues already.
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Post by theMist on Apr 21, 2017 13:43:49 GMT -5
talk to you guys later
I think everyone is gone and I'm posting to myself lol
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Post by ipath on Apr 21, 2017 15:00:04 GMT -5
Not the close anyone expected.. This one goes on the WH and Mr. President, Chief Market Saver I covered some of the shorts earlier today, still about 20% of the portfolio short TVIX... thinking to keep it over the weekend. Did you sell your longs Rob?
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Post by theMist on Apr 21, 2017 15:01:38 GMT -5
Bears definitely can't get a break -- Definitely Trump saved this market from further collapse
Yes, sold long VXX and will be trading next week
Have a good weekend
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Post by ipath on Apr 21, 2017 15:06:50 GMT -5
Bears definitely can't get a break -- Definitely Trump saved this market from further collapse Yes, sold long VXX and will be trading next week Have a good weekend Thanks, you too
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Post by theMist on Apr 21, 2017 15:10:51 GMT -5
Before I head off -
iPath - are you holding a basket of stocks for the other 80% of your portfolio? And are you adding to short TVIX for long term hold when spot vix reaches certain threshold? I know of some investors that structure their portfolio very similar to that and they add to TVIX very long term short when spot vix reaches 15, 20, 25 thresholds.
After that announcement that there will be a major announcement on tax reform on Wednesday - I need to remain neutral
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Post by lasvegas77 on Apr 21, 2017 15:15:44 GMT -5
Today was options expiration. It didn't really do much to change the bearish sentiment. Algos ran wild with no clear direction. However, the SNP gets another distribution day today i believe.
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Post by theMist on Apr 21, 2017 15:19:38 GMT -5
I agree that there is a lot going in the Bear's favor going forward -- however, the markets are still trending sideways and Tax Reform News on Wednesday can definitely be the News that will give market clear direction either way
Bullish tax reform news can easily take S&P to another leg higher Still need to remain neutral IMO
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Post by theMist on Apr 21, 2017 15:22:52 GMT -5
S&P Daily chartThose indicators have been bearish for a very long time and only matter of time before they roll bullish and IF they roll bullish S&P can take another leg higher. MACD Histogram keeps ticking higher and would watch if that changes
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Post by theMist on Apr 21, 2017 15:32:43 GMT -5
VXX Daily chartthere's room for at least 2 more daily candles underneath that resistance and it looks like Wednesday can be the day that decides VXX fate going forward in short term. We'll see....
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