UVXY: You Ain't Got No Alibi

Bears finally achieved some type of breakthrough today, with some of the heaviest selling equites have experienced in a good while taking hold after this morning's opening gap higher. 

The weakness in banks, namely BAC GS, remains apparent as I write this. Even though the weakness is being written off for political reasons, the reality is that this has been a clearcut "sell the news" reaction to the rate hike last week by The Fed. 

Treasures, gold, gold miners, consumer staples/defensives, and volatility are catching bids today, which would seem to reinforce the near-term drop in risk appetite. 

As a result, backing away from the accelerator on the long side makes sense, even if the longer-term picture remains bullish. Without question, it is important to define your timeframe. 

It is promising, however, to see some relative strength standouts like WYNN ignore today's selling. Wynn is a name we have discussed quite a bit of late for Members, and it sure is acting like it is tired of going both down and sideways the last three years.

One thing is for sure: If those VIX ETFs cannot muster some type of relief rally now, they will have no alibi.