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  • do.john67 do.john67 • Feb 4, 2013 9:06 PM Flag

    Chart pattern is Concerning

    If this were a business, the chart pattern would really have me conserned. Higher lows and higher highs is truly bullish. And I am building a short position.
    Good thing I took profits Friday, and simply shorted again today at two levels. My hedge made a nice profit today, so rebuilding my short position in UVXY was sweet. The pull back today was perfect timing for me.
    I just hope that I don't regret not shorting more shares today. The opportunities to short UVXY after a 10% move higher in a day tend to be few and far between, though we have had several opportunities to do this of recent.
    VXX and UVXY are like riding bulls. Very intense experience with great outcome or nasty fall that happens in a brief moment of time.

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    • mattrcarl mattrcarl • Feb 4, 2013 9:18 PM Flag

      Unfortunately we have the Euro wildcard again - so they're apt to trash our markets in the mornings again until the ECB comes out and reminds them that everything is under control. Politcal game getting a bit tougher. Obama figured out you give the masses a ton of support even if it wrecks the economy and they'll vote for you. Looks like Spain and Italy heads haven't quite found the balance yet. 7000 DAX a real possibility this month.

      Should have known better about the Euro - just last week CNBC started putting on folks who were talking 1.50 EUR/USD again. Seems like only a few months ago they had folks talking parity in 18 months. Appears to be another case of "it's different THIS time" syndrome. Friday's move to 1.37 was just nuts - a bit technically aided, but plain nuts if you think about the concept. EUR/USD will be a great short someday once the Fed eventually decides to move because the ECB won't be able to match it for quite sometime due to the structural problems there. In a race to the bottom, the EUR should win.

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