Political Override Every trade today, including this one, will likely be severely affected by pending Fed and Congressional actions, real or proposed. Tread lightly. VXX Near the close on Friday VXX triggered Long basis the stochastic cycle indicator. This morning VXX is in Buy_Pending mode for a "System Buy Signal," one that comports to our orthodox pattern recognition system. In essence, the dominant trend on the hourly chart has been up, then late last week there was a multi-bar correction down, followed by late Friday's turn back up in the direction of the dominant trend. Above $65.00 the Buy will be confirmed (currently $57). Buy Signal Pending: VXX hourly close above $65.00 Option: Aug 17th $70C (currently 5.00)
