Monday, October 13, 2014

Another Leg Down...10.13.14

We did get a VXX confirmation buy signal this morning  on M3 and ended up entering at Friday's closing price.  The VXX subsequently rose over 10% today as SPY broke technical support at 190 and picked up downside momentum into the close.  The SPY/SH Vixen chart says it all (below).
The VIX was up 9% 15 minutes before the close today and then literally melted up an amazing 7+% in the last 12 minutes to ultimately close up almost 17% for the day.
We're in a no-man's land technically right now although I'm looking for a possible reversal around SPY 185...whether that will hold is anybody's guess.  M3 has VXX in #1 slot.