Major market indexes have hit their resistances and the scarely earning season is dead ahead, it's only natural the stock market to come down and correct. The stock market dropped sharply at the open but since have been recovered a lot of its morning losses. What is holding the market up?
Somebody is buying or intends to buy stock, that's why. How do I know that? The strength in VXX tell me so. Somebody is front running the market by buying VXX to hedge the impending market rally. All morning the VXX has been diverge from the market, that is market down and the VXX is also down (the normal behavior is market down, VXX up). This is telling me that there is a good chance that buying is coming by sometime today. Of cause, this effect may only last for today, only temporary.
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