Monday, February 6, 2012

W5 still in Progress?

A correction started today as I had been expecting, however it looks to me like it is a W4 correction of the 5th wave so it looks like we are going to see a new high for this wave perhaps 1350+? And given the pattern, I re-entered my FXI position (at a lower price) to hedge my VXX position. And speaking of VXX, in an ideal world this volatility ETF would track the on the spot VIX price but it doesn't. Instead, it tracks futures so while the VIX was up 5% today, VXX fell about 1%. So we'll see how VXX does when we get the coming higher degree correction and make no mistake, it is coming.

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