The VIX is spiking this morning as the market starts to break below the neckline of the infamous “2016” head & shoulder pattern. As a result, $UVXY, $VXX, & $XIV, ETFs that profit from extreme volatility, are trending today over at stocktwits.
My question to you today is, is it time to get long volatility, and prepare to trade lower? Here’s a look at the daily chart of the S&P 500:
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$SDS calls.
I’ve been long VXX calls for a little over a week. God I hate it, it seems to take forever to get moving. I remember last year I had puts and it felt like an eternity for it to work.