please ring the alarm bell for when it is objective again! I want to tuck away TVIX for the next major leg down.

I’ll post my thoughts on SPY & QQQ after the market opens today but as of now, that 194.90 R on QQQ that it rallied into on Friday remains very significant & after the gap down today, the 182.20ish R level may come into play if the market happens to rally. Next decent support below on QQQ is 169.00.

I still have a starter position in SVXY in an IRA as an indirect & partial hedge to my index shorts. I’m not going to add to it until & unless I see some stabilization in the stock market and as of today with the pending 10% gap down, I might just pull the plug on that position as this risk for an ETN like that blowing up starts to rise significantly (It already imploded once before in early 2018 during a previous spike in the VIX). Definitely a risky trade right now but if the stock market stabilizes soon & nothing “breaks” within SVXY it could potentially explode higher as the VIX returns to earth.

I have to say that although I believe that there is most likely considerably more downside to come in the stock market, the risk/reward for starting a new short position here the stock market poised to gap down another 10% today just isn’t favorable. While the market could drop another 10-20% before the next 10-20% rally, with the current extreme oversold conditions & not just the US but all gov’t around the world starting to pull out all the stops to prop up global stock markets in order to avoid an outright crash of the financial system, the risk to being caught in a very sharp rally, especially one that could start with a huge opening gap one day this week that could bypass a well-placed stop-loss order, makes shorting here very risky IMO.
Again, it could pay off in the long run & even in the near-term but it’s just not a very objective time to start shorting IMO.

I show a low of 174.55 so far overnight

Darn, I was hoping for a baseball analogy. ;-)

The last one was Powell’s Folly, this is his Hail Mary. The only problem is, there just might not be any more receivers (buyers) left in the game to run down to into the end zone to catch the ball.