Waiting to get long volatility via VXX

The market is having an impressive rally this morning after it had tested 1036-1040 area of support 3 times in the last 6 sessions. It holds as support for now. I am however as usual suprised on the size of the upmove. I see more upside on the /ES at 1100, this is the area that I will be interested in getting long the VXX.

We have a jobs number out on Friday which may humble the bulls again. As I have mentioned I am leaned bullish for this week and maybe next. But this tendency depends on Friday's jobs number and how long it takes us to get to 1100 on the /ES as I think this will be the home of the next lower high before we make a move to test the July lows of 1002.75.

I highly anticipate a follow through up day tomorrow and if we get close enough I may try to get long the VXX before Fridays Jobs number if it looks attractive. I am leaning towards doing a risk/reversal by way of selling the ATM put and ATM call, where ever it is at time of execution. I expect that the VXX will be near 20 or maybe below, currently at 20.68 as I write.

I will keep you posted!

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