A Benign Grind of a Day...Or is It?

The action for much of today smack of a resilient yet grinding market, in light of the bouncing earlier in the week. 

The VIX has been steadily weak all day, despite red crude and a green Yen, which is not making life easy for shorts pressing for an imminent market rollover. 

However, the VXX, VIX ETF, below on the daily chart, spiked up just now intraday on good buy volume. It will be interesting to see if we get a little panic into the weekend, insofar as longs who may be rethinking holding their inventory. 

I am still treading lightly with any trades here, though I do see plenty of obvious (too obvious?) short setups if bears reclaim the initiative next week. Otherwise, I am going to revert to mostly day-trading longs if the market enjoys a bit more of a relief bounce. 

I will cover those ideas fully for Members over the weekend.