The Revolution Will Be Not Be Price Targeted by Wedbush
So here's what I see. A prolonged bottom/scallop happening much like previous lulls before huge pops. STOCH RSI doing that little bottom hook thing, VIX putting in its resurrection at 20, a frothy AF PCE, general blatant greed and plenty of Dan Ives price targets.
Honestly, what gets me here is the the amount of digging that has already been done with the VIX and UVXY. Sure, we could see 10 or maybe 8, but this isn't quantum physics or a magical vaporized toad venom journey. They are limitations to how deep this can go. I applaud the full volatility retrace; well played. But the risk reward seems right here, just as it did to short the top in March. I see the VIX just chilling with small bullish divergences, awaiting its time in the sun once again. UVXY is the most effective leveraged mutant horse to fly as close to the sun as possible.
Michael Jordan once said the point is to make the best trade, money is secondary, AND you miss 100% of the UVXY trades you don't take (you also miss 99% of the ones you do take). The risk here is the VIX and UVXY sit around and your money decays like the stardust in your blood. That will probably happen but I'm okay with that for the potential reward of this trade. Money is a concept anyway; my blood and purpose on this earth (shorting stocks Dan Ives puts price targets on) is not.
Honestly, what gets me here is the the amount of digging that has already been done with the VIX and UVXY. Sure, we could see 10 or maybe 8, but this isn't quantum physics or a magical vaporized toad venom journey. They are limitations to how deep this can go. I applaud the full volatility retrace; well played. But the risk reward seems right here, just as it did to short the top in March. I see the VIX just chilling with small bullish divergences, awaiting its time in the sun once again. UVXY is the most effective leveraged mutant horse to fly as close to the sun as possible.
Michael Jordan once said the point is to make the best trade, money is secondary, AND you miss 100% of the UVXY trades you don't take (you also miss 99% of the ones you do take). The risk here is the VIX and UVXY sit around and your money decays like the stardust in your blood. That will probably happen but I'm okay with that for the potential reward of this trade. Money is a concept anyway; my blood and purpose on this earth (shorting stocks Dan Ives puts price targets on) is not.
Trade active:
Still just chillin here, eating away at my money. The VIX loves obliterating permabears like me. I still think it’s gonna be a mid December red candle thunderdome satanic bearfest