Even though the major averages are near session lows, volatility is not spiking to new highs. As a result, I locked in a big chunk of my UVXY long inside 12631, purchased earlier this week with a $19 handle.
The good news for bulls from today’s action is there remains a considerable amount of long ideas worth watching, which I will discuses after the bell on my video market recap.
The bad news is that breakout plays, as a whole, have been slippery of late, even more than before.
I am working some longs and shorts here, but still overall quite light in this environment.
It is, however, nice to see MCP see renewed buying interest after my post on it this weekend.
HLF saw a very impressive squeeze today above well-defined, multi-year resistance, too.
Also seeing a change in character was crude oil.
See you after the bell on the recap.
Nice on MCP . Are you going to discuss gold and miners on the recap ?
Definitely
Chess, you definitely called that MCP action. With it’s recent criminal history, I’m treating this as more of a “conjugal visit”, than a true love story…
LoL love it, Unc!