Large correction coming soon? $VXX is the play.
Updated
If you've been following me for a while, you know that I've been warning of a crash for some period of time, and now I think we're within weeks of that playing out.
I've largely been bullish for the past year, with periods where I thought things might fall, but now all of my upside targets for BTC have been hit (minus
54K which is still possible) and stocks are looking like they're on their last leg higher. While I'm very bullish over the long-term (into 2027), I think that the rest 2024 will be bearish (which would catch a majority of the market off guard as everyone is expecting a top to be put in by the end of this year). They're not really expecting for the rest of the year to be bearish and for 2025-2027 to be the real bull run. This is my base case.
I've been watching VXX for sometime, and I think we're very close to the levels where we'll see a reaction higher.
I think over the next couple of weeks, some data will come out that sends VXX into a capitulation move lower, down to the $12-13 supports that are on the chart. Those levels will be great levels to buy some calls.
I'll be buying June $20 + 25C as I think those will provide the best risk/reward for this move, if it is to play out.
Let's see if it plays out.
I've largely been bullish for the past year, with periods where I thought things might fall, but now all of my upside targets for BTC have been hit (minus
54K which is still possible) and stocks are looking like they're on their last leg higher. While I'm very bullish over the long-term (into 2027), I think that the rest 2024 will be bearish (which would catch a majority of the market off guard as everyone is expecting a top to be put in by the end of this year). They're not really expecting for the rest of the year to be bearish and for 2025-2027 to be the real bull run. This is my base case.I've been watching VXX for sometime, and I think we're very close to the levels where we'll see a reaction higher.
I think over the next couple of weeks, some data will come out that sends VXX into a capitulation move lower, down to the $12-13 supports that are on the chart. Those levels will be great levels to buy some calls.
I'll be buying June $20 + 25C as I think those will provide the best risk/reward for this move, if it is to play out.
Let's see if it plays out.
Note
Getting closer... first support tagged today. I'd be surprised if we didn't see some sort of reaction.Note
I've started buying June 20C... will keep averaging down to $12.12 support. Started with 100 contracts.Note
Still think we get a sharp move down to $12.12 before this triggers. Today or tomorrow, likely a high, still time to accumulate.Note
VXX looks interesting here at the bottom support. Going to open up some more calls for May/June at open tomorrow.Note
Bought some $12 and $13 calls for next week expiration
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