Hard Week For The Market

It’s been a hard week for the market (SPY) eight days below the T-Line and in the middle of a Blue Ice Failure Pattern. Yesterday low closed below the previous low and our Dotted Deuce, I can almost hear the 200-SMA calling. Over my past 30-years of trading, I have found it much easier to trade in the direction of the market and ass of the close yesterday our trading trend is still down.

The VIX (CBOE Market Volatility Index) has been on fire and is currently in a bullish stage. A wise trader once told me not to fight the trend.

We feel trading right now will be more risk then the typical trader wants to experience, I am personally in all cash after recently closing my VXX trade for 375% and the TWTR trade for 180%

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The VXX short-term futures have broken out of the 200-SMA, the VXX needs to pull back a little before they become a long trade. Holding above the 200-SMA in the future should keep the volatility high and the market on its toes.

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Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.

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