Thursday, May 6, 2010

Overnight chaos

VXX may have touched its high for some time today, but there will be continued percolation around the globe. Is VXX a good overnight play?

Off its intraday high (not the absolute, but the top of the candle rather than wick) on the 5-minute chart, VXX's Fibonacci retraces are 27.62, 26.97 and 26.15. Currently at 27.30 in afterhours trading.

Might be worth a small position before Asia and Europe re-open, and sell before the jobs report in premarket tomorrow.

1 comment:

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