When we look at individual stocks we see divergences but no topping patterns. Today's market action was interesting; most of the spiders are showing long upper shadow. If we look at VIX, it is also showing hammer candlestick and looks like it might be forming inverse head and shoulder pattern. If it does indeed break out of inverses H &S pattern watch out for VXX, it should rise and could be traded for a short term.
EXPE drop today and found support at 200 DMA, We took a long position in EXPE today, our stop loss will be 24.20 (just below 200 DMA), it is an aggressive buy but the risk/reward ratio is good. Initial target is around 27.
Next few days should provide more clues about the market direction.
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