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VIX Ringing a Subtle Bell?

|Includes: iPath S&P 500 VIX Short-Term Futures ETN (VXX)

$VIX closed up today, breaking out of a significant down sloping channel.  See chart.  You can play VIX without futures, using VXX

Could it be ringing a subtle bell, signaling a short term market direction change?

As DJIA and S&P are within shouting distance of new recovery highs, after a 5 week advance, this wouldn't be a major surprise I suppose. But bullishness is rising and other indicators like the McClellan Summation index are powering ahead.

Disclosure: long VXX