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Wednesday, December 19, 2018

UVXY - Inverse Head and Shoulders

A spike up in UVXY may be imminent.  An inverse head and shoulders pattern has formed, and price is pressing hard on the neckline.

Breakout may occur soon.

Daily



23 comments:

  1. i will short that piece a crap up there

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    1. Agree, we just need to have patience to put in the low for SPX.

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  2. The blue line is around $85. A calculated breakout of the pattern can give a target as high as $96 but that is pushing it in my opinion.

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  3. you might get that tomorrow 2450 on the SPX should bring it up there

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  4. SC do you have a chart on oil?

    Thanks

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    1. Let me see what I can do. Might see a little lower but bounce into January. Should hold $40 or above.

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  5. This market doing EXACTLY what bear markets do. Investor are totally oblivious to the fact that builders are down over 30%, commodities are in deflationary collapse, financials down nearly 30%....

    And you people are looking to catch a knife?????

    DOW Trannies double bottom break down, DOW currently following suit....could go on

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    1. Short term capitulation is unfolding. There will be down legs and up legs as it progresses. Agree the bigger picture is not looking good...

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    2. No market goes in a straight line but going long this market?.......suicide.

      This market is every bit as dangerous as 2001 and 2008 and possibly more so.
      Volatility is still relatively subdued and short selling is still at multi-year lows. This is going a lot lower and possibly quicker than most imagine,

      Precious metals looking very good here.

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    3. SPX weekly getting oversold. VIX subdued. Conditions are becoming ripe for a good bounce into January. Downside later in the cycle.

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  6. UVXY clinging onto the neckline for dear life today. Breakout soon....

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  7. The market is going down to 2450 and then in January 2400

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  8. SC what does it mean not looking good.

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  9. SC: we are in the "jaunary effect" period. This seasonal pattern start aroun Christmas and end in early january. Fed may give the start yestarday. This il possible if 2470 support can hold in these days. Is this in line with your opinion?

    Many thanks and Marry Christmas to all!!!

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    1. Just a little lower, but yes definitely the January effect about to begin. Very strong rally is coming into January from the low that is forming.

      V bottom!

      Merry Christmas!!

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  10. VIX wants to test October high of 29.

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  11. i agree im looking to go long spx soon for a bounce

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