I don’t see many new technical developments or trade ideas worth noting today so I’m going to run a few errands & will be back at my desk shortly before or after the close to post an update. Until then, I just wanted to point out that the $VIX volatility index remains elevated as the $VIX & VXX (VIX Short-term Futures ETN) continues to hover near its recent high after hitting & reversing off the 2nd price target on Jan 24th. Whether or not VXX will go on to hit any or all of the higher targets that were laid out back in January will depend on whether on not the stock market takes out the recent lows, which still seems likely at this time. Previous & updated daily chart of VXX below.
VXX screenshot Jan 18th video
VXX daily Jan 24th
VXX daily March 2nd
I’ll occasionally post aggressive trades with above-average gain & loss potential which I often refer to as ‘gunslinger’ trades although I cannot overemphasize the risks of trading penny stocks such as this one. As such, pass if this does not mesh with your trading style, objectives, & risk tolerance.
SONN daily March 2nd
SONN (Sonnet BioTherapeutics Holdings Inc) is breaking out above the downtrend line on the daily chart following the recent divergent low on above-average volume. One could take a full or partial position here, adding if & when the stock prints a solid daily close above the downtrend line. Stops would be commensurate with one’s average entry price relative to their preferred price target(s). T1 would be just below the 0.54 resistance level with a potential second target just below the 0.68 resistance level.