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We continue to witness some flattening in most of the system equity curves, the product of both conflicted signals and a VIX bumping along at 16. The VXX hit another all time low close today at 19.59, with no let up in sight and in my opinion swing traders should ignore this ETN, leaving it to die a slow death. Daytraders, on the other hand, should take note of the daily ATR of .81 (4%)as an attractive trading vehicle . . keeping close attention to the ongoing downslope bias ( sell the rallies).
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Next week kicks off earnings season with AA leading off. Maybe coincidence, but Citi yesterday maintained its "BUY" rating on AA with a target of $17 (currently at 15). Whether this is gaming on Citi's part should become apparent next Tuesday and will provide an important benchmark for things to come.
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