Last weeks rising wedge broke down to give us a nice profit in the VXX and the 60 min had once again called the bottom, and we bounced nice from there but I am seeing some indications of more weakness ahead. This is shown in the video along with some great set ups for next week
NOTE: if this this weak pattern confirms itself with a break down then I would consider patterns to be subject to failure and I will look at a case by case scenario on the longs I am holding.
As of right now the 60 is close to being oversold and we could easily continue to move higher. I will take off the VXX on a move back up above 1991 on the SPX. Even before if the market looks strong.
The Longs are set up nice so business as usual with those wai t- strike-and-take profits.
$EAT is one of 3 Best Bets and the stocks on this list are in some of the best zones I've seen in a long time. Watch for the Special alert in $MON there are 2 scenarios I like the alert on the HPS Page.
