VXX has plunged once again after having failed to turn the hourly chart impulsively bullish on its most recent, rabid lunge for glory. Through it all, our strategy has never wavered: Buy call options only when this crazed animal comes down to a Hidden Pivot midpoint support or ‘d’ target. Ours has been 10.24 for months, and until such time as VXX gets there we should prefer to do nothing at all. That’s only half of a winning game, by the way, since, as we’ve learned in the past, even if one buys calls within an hour of an important low, one will have just nanoseconds to take profits on any subsequent price spike, since they are all inevitably fleeting. For now, though, I can counsel only more patience._______ UPDATE (Aug 18, 1:45 a.m.): I’ll be removing this vehicle from the list, since, with today’s upthrust, the 10.24 target that we’ve been looking to bottom-fish is seeming increasingly like a distraction. Let ‘er rip — and come what may!
