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After Yesterday's Rally of 6.17% Shares Could Potentially Pullback
Jan 30, 2013 (SmarTrend(R) News Watch via COMTEX) --
iPATH S&P 500 VIX Short-Term Futures ETN (NYSE:VXX) traded in a range yesterday that spanned from a low of $23.11 to a high of $24.33. Yesterday, the shares gained 6.2%, which took the trading range above the 3-day high of $24.08 on volume of 40.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that its subscribers protect gains by selling shares of iPATH S&P 500 VIX Short-Term Futures ETN on January 2nd, 2013 by issuing a Downtrend alert when the shares were trading at $28.79. Since that call, shares of iPATH S&P 500 VIX Short-Term Futures ETN have fallen 20.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Over the past year, iPATH S&P 500 VIX Short-Term Futures ETN has traded in a range of $22.45 to $117.84 and is now at $24.29, 8% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.7% while the 50-day MA has declined 2.4%.
Write to Chip Brian at cbrian@mysmartrend.com
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