iPath Series B S&P 500 VIX Short-Term Futures ETNArca
Description
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If you've been following me for a while, you know that I've been warning of a crash for some period of time, and now I think we're within weeks of that playing out.
I've largely been bullish for the past year, with periods where I thought things might fall, but now all of my upside targets for BTC have been hit (minus GETTEX:54K which is still possible) and stocks are looking like they're on their last leg higher. While I'm very bullish over the long-term (into 2027), I think that the rest 2024 will be bearish (which would catch a majority of the market off guard as everyone is expecting a top to be put in by the end of this year). They're not really expecting for the rest of the year to be bearish and for 2025-2027 to be the real bull run. This is my base case.
I've been watching VXX for sometime, and I think we're very close to the levels where we'll see a reaction higher.
I think over the next couple of weeks, some data will come out that sends VXX into a capitulation move lower, down to the $12-13 supports that are on the chart. Those levels will be great levels to buy some calls.
I'll be buying June $20 + 25C as I think those will provide the best risk/reward for this move, if it is to play out.
Let's see if it plays out.
Comment
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Getting closer... first support tagged today. I'd be surprised if we didn't see some sort of reaction.
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I've started buying June 20C... will keep averaging down to $12.12 support. Started with 100 contracts.
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Still think we get a sharp move down to $12.12 before this triggers. Today or tomorrow, likely a high, still time to accumulate.