The recent Total market view nailed this VIX, XIV and UVXY trade setup. First 15 minute bar was above the weekly pivot, entering around 8.95, close 9.75, nice 9% on the day for that position. If you went aggressively then you have units to hold for more.

Interesting day. VIX reached its yearly pivot - the first trading day since 2/12/2016 that this has happened! That is rather amazing since that was the last major correction buy of the past several years. But VIX closed above its Q1P and JanP, so not quite in the clear. Key level to watch for tomorrow.

Of course there had to be a shakeout after this kind of momentum. But at the end of the day there wasn't that much damage. I think the market is entering a consolidation phase, and may yet go lower this month, but longer term the YR1 targets are still very much in play.

I don't want to be as fully long with VIX above its QP, and though INDA outperformed in December it has been laggy in '18, so reduced on that.

The main index damage:
SPY Q1R2 top, testing 1HR1
QQQ Q1R1 top, testing 1HR1
DIA 1HR1 top
IWM JanR2 top, fade under Q1R1
VTI Q1R2 top, below 1HR1 as well

So you can see 4 long term levels in play, the 1HR1s. VIX is above Q1P. Reduction warranted, but if you jumped on the UVXY idea as highlighted in the last Total market view you were up on the day. I love it when that happens - a sea of red on indexes but portfolio higher. Also, GDX helping too :)

SPY, VIX and XIV below.