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Intraday Market Notes -- July 30

|Includes:FXS, VelocityShares Daily 2x VIX Short-Term ETN (TVIX), UVXY

2:30 pm ET: The market is starting to lose steam as both the Trin and the VIX rise. The major averages are showing double topping tails, a strong sign that the market is ready to move down. Although I am expecting a move down, the move may be muted by the fact that the Fed will begin their two day meeting tomorrow. Typically, the market is quiet leading up to the interest rate announcement and there's no reason to expect anything different. Daytraders may wish to take advantage of the predicted move downwards by buying a VIX vehicle (TVIX or UVXY) for a short-term ride (sell on Wednesday just before the rate announcement). This is a speculative trade that should be made with discretionary funds, FYI.

In currency news, the Swedish Krona (NYSEARCA:FXS) has gained over 7% since its low last month. The stock has broken resistance at $144 and now at $146, and is looking to push higher. Support/resistance levels can be found at the $2 levels. Barring any major shock from Europe, the stock could easily make a run for $152. There are options on this issue--albeit thinly traded--but a covered call strategy could still be executed successfully (just use limit orders).