Despite today’s sell-off in equities, my bond short is not taking much heat at all. Typically, bonds should be a logical “Safe haven” on a day like today. But they are barely bouncing. My short thesis is still intact, though I would not be surprised to see TLT bounce around a bit early this week, setting up a potential bear flag before attacking the support on the first daily chart, below.
Also note that the VXX ETF is underperforming the actual VIX today, perhaps indicative of complacency on the part of retail traders who are in no rush to hedge.
Finally, keep an eye out for X. The daily chart, second below, looks on the verge of breaking down further from a well-defined topping pattern. Watch it under $24.
What are you trading this morning?
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URBN for the win!
Interesting chart.
check AAPL strong as hell just made new intraday high
$535 key
TSM is showing some good relative strength this morning — consolidating the recent gap-up so far…
Good point, J. Thanks.
AMAT also seems pretty strong with holding on to recent gains.
I’ve almost pulled the PLUG 3 times since you pointed that stock out Chess. WTF!?!?!
Tough one to miss