VIX closed last week on the lowest level since august 2015 – and we all remember what happened then. This, combined with the highest ever level for S&P 500 make me a little cautious in the short term. Move up in S&P 500 looks somewhat tired. I believe market needs some rest and is ready for a small correction. So here is my idea for the trade:
buy VXX (iPath S&P 500 VIX ST Futures) in anticipation of S&P to decrease to 2100-2090 level in the next one to two weeks or
sell short ES1! (S&P e-mini futures) with the target 2091-2085.
As usual, watch your risk and follow capital guidelines.
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