Another sell off coming into today making that three days in a row. It looks like we are still digesting the move we had last Tuesday. A pull back taking us to the 20 day moving average (retesting the breakout area) is still in the cards for the bulls. We could use a pull back to reset up the charts and push us higher.
Haven't done much trading that last couple of days due to prior obligations but I will be back in the full swing come tomorrow. Did go ahead and dump AMRN on a failed break down.
Looking at the AMRN 5min chart (above) we can see the dips still being bought on support, and that is not a good sign if you are short. Went ahead and covered that at entry price (11.93).
That stuff is boring boring boring compared to the action in TVIX today, yikes!!!
WOW! What a move on that one. Not to much to say on that one that hasn't already been said. When something is holding up because it is trading a premium, you would have to expect that sooner or later that premium would come out. If you don't understand the VIX, VIX futures, contango, NAV, or ETNs then I would pass on these volatility products.
On a side note, TVIX is still trading several bucks over fair value...eek!