Another Split Out Wide

It is usually interesting to see the timing of when some of the volatility ETFs effect a reverse-split, as we are seeing today with a 1-5 reverse split for UVXY (the ultra-long VIX ETF). 

As UVXY reverse-splits, stocks are getting hit with the most selling we have seen in this young year so far. We know volatilty has been a tough long for a good while, but the reverse-split may keep volatility shorts honest for a few days now, at least. 

Over the last few sessions, the steepness of the Nasdaq daily rally saw me legging out of my tech-related holdings. Now, I am looking to see if some rotation can hold water in the face of this selling. 

I am also looking at some short setups which have been holding up with the market, but may now be ready to come in, such as some tech-related plays including semis. 

With a long weekend coming up, since markets will be closed on Monday for MLK Jr. Day, bears have a chance to make their first stand of 2017, and I am not inclined to fade them, just yet.