vxx will go back soon to 24 to rebound the next weeks
Barker
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weakness seems to be entering the market here 1 hour before the close. Final VXX position taken here. Let's see what the weekend brings.
A little hedge feels good here.
claydoctor
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Do you have a catalyst in mind to cause the pivot point, or are you just seeing significant support line, as shown. I watch and trade VXX a lot. After Yellen's speech today, rates will stay low for a long time I think now, and any rate increase move at all will be pre announced. So catalyst?
Barker
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No catalyst. Does there have to be one?
I am simply hedging my (long) bets over the weekend.
This is a 5 to 7 day hold. I should be fully scaled into a position by the end of the week. My upside target is very conservative at 31/32.
Barker
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Added a second position here. Still small shares though.
claydoctor
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Actually I went in VXX today at the low, and set 33 as my target. Slammed right into the TL support, and bounced nicely, like it knew what it was doing. I have to admit, with a non stock fund like VXX, it is amazing sometimes when it works at these levels and indacators, which has absolutely nothing to do with economic fundamentals. Its a "tell" of the markets of course. And I think others play it also, which is why it reacts to what others are watching.
claydoctor
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almost pulled the trigger on NUGT today, but did not get my price. GLD and GDX may be my second best choice going into the weekend. Do you trade it?