Is this exciting, or what? I’ve been drum-rolling a potentially very important low in VXX for months. Lo, the little weasel touched my 26.32 benchmark early in the session, allowing subscribers to buy high-leverage call options that had traded for as much as 7.18 in December for 90% off. A case of all good things coming to those who wait?  Not necessarily. This is a speculative bet at best — one that goes against a downtrend that has been in motion for longer than most of us permabears would care to remind ourselves. We had a correspondingly important target to watch in the E-Mini S&Ps, and how very satisfying it might have been had the target precisely contained Wednesday’s rally. Alas, it was not to be. The futures traded fully four points above it — enough for bulls to demonstrate that they are not about to be, um, cowed. Both trading vehicles left Pivoteers on edge at the end of the day, finishing millimeters from their respective targets.  The VXX target is such a beauty that, from a technical standpoint, we’ll have no alternatives to titillate ourselves with if it’s obliterated over the next few days.