4:10pm: Buy signal is confirmed. The system is now 100% long with an average price of TNA 85.02. Again I chose not to follow my system. I remain 100% cash and will take my long position near tomorrow's opening. I was a bit perturbed when prices kept rising into the close and feel there will be a better price in the morning.
3:50pm: An SPY close below 133.7 will confirm the buy signal.
3pm: Still a buy signal, although it's a weak one. I would've liked to see more weakness to get a better price, but I suppose the lack of weakness is probably bullish going forward.
11:03am: Everything is going as planned. We are getting a 2nd buy signal today. If it holds into the close, the system will be 100% long. I think this is a pretty low risk set-up on the long side. I say this for several reasons, the primary reason is that while the VIX is up huge, VXX is up a measly 0.04%. It's days when VXX is up more than the VIX index where one should be concerned. I am 100% cash but will be taking a large long TNA position before the close...assuming the buy signal holds through 4pm. Will update later.