Wednesday, June 29, 2011

Market action says to close long vix, and reverse position on oil

Market is following through on yesterday and 50 EMA on S&P 500 being penetrated to the upside. Tremendous strength in crude. Seems like the market is buying the kick the can down the road, at least in the short term.

"When a market doesn't do what it's supposed to do when it's supposed to do it then it may be about to do the exact opposite in a big way"

I was wrong on my last thesis, and I'm reversing my position on oil to go long, and closing the vix long.

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