The market looks like it is setting itself up for a strong move and we could see a clear impulsive wave tomorrow. One could argue for a 1-2 set up either way so trying to predict which way it's going is a coin toss. However, the market did close under the TA so pressure is on the bulls to follow though on yesterday's rally. We have several issues in the background so an excuse to sell is already there. China's 6.5% dive yesterday after making a 7 year high (that's what you call volatility!) and the Greek problem could push sentiment to the bearish side. Maybe bears will finally wake up?
I am holding VXX until I see a reason to sell and still hoping for China to reach higher highs. If China continues to sell off, I will just add more positions with the cash I have left.
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Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish