I'm seeing tails forming on daily charts for gold, silver, and all the major currencies. However, the S&P has yet to trade out a clean impulse move lower. It's kind of sloppy so far. A lot can change, but I think things are setting up. The VIX is showing signs of life as well.
Yesterday I bought more VXX as a partial hedge against small long positions in BGU and SSO. Today I'll be looking for a little more premium to drain from the OEX 530 weekly calls and will likely use those in the afternoon in case Bernanke gets cute Friday morning.
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