(1) VXX is still on a Buy; (2) The major indexes have not yet triggered Sells; (3) SPY and QQQ have generated Sells, IWM has not. It's a mixed picture and the next day or two should be more definitive. The VXX calls will cover any immediate across the board market decline, while the Ford calls should soar if there is one more leg up in the big picture. An initial position in July 16th SPY or QQQ puts is appropriate in lieu of VXX calls, but otherwise let's wait for more clarity from the market before a significant allocation to the short side.
