A week or so ago the SPX chart suggested to me that because at the time it could not break through 2065, it would probably retest 2000. However, this theory proved wrong with a mini breakout to 2100. Still it is volatile, and hence, tonight I have opened long trades with the volatility ETFs VXX and UVXY. Plus with the SPX now struggling at the 2100 level, I have taken a punt with an SPX short via a long trade in SPXU. I doubt that the Fed minutes later tonight will have much of an impact, but with the Greeks stringing everybody along, I wouldn't be surprised if they stretch it out to the weekend despite the Friday deadline. In this scenario it is probable that the US will sell off somewhat on Friday night as people try and avoid holding over the weekend. Hence, getting in tonight with VXX, UVXY, and SPXU could pay off if the Greeks continue to stretch everybody. Of course if this scenario does not play out then I can always average down with UVXY, for example, because volatility will return and probably sooner rather than later.
