Monday's surge put EEM in slot #1 with EFA close behind. TLT may have seen the end of it's recent run as the market looks technically poised for further gains although volume remains non-confirming. With the VIX sub 20 (19.26), the daily odds for a retracement continue to loom. Most of the indices are sitting at overhead resistance so IMHO traders betting the long side are best served by small, cautious and hedged positions.
I've pulled back on the blog right panel BZX chart, instead turning on the BZV2, which tracks 2 minute volatility based on a blend of the VIX, VXN and VXX. The BZV does not reflect actual prices or indices values, but underlying momentum and trend.
Project Z is currently FLAT on EEM, having exited on 2/19 a Long trade initiated on 2/9 for a $ 1.38 gain. The EEM butterfly trade continues to improve but after a month in the trade I'm putting a safety net around the accrued profits and will likely exit if EEM falls below my 39 strike target.
1 comment:
Good series/observation B. JP
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