NYX chart

Here is that chart I promised and to be honest it doesn't look very bullish. Certainly NYX was oversold and is due for a meaningful bounce, but there is quite a bit of resistance above. Resistance starts at $75.84 followed by the moving averages around $81 then theres a downtrend line at about $88. I will give NYX credit for having a huge intraday gain from the opening gap down. Sure the whole market came back from the lows but the dow closed down 128 points while NYX managed to finish with a gain. Volumes surged all around and this volatility must bode well for NYSE and AMEX volumes. I will try and exit my newly acquired NYX calls near the 50 dma.

On a side note, FXP is another creative ETF that trades on the AMEX, now owned by NYX. From yahoo, the FXP "seeks daily investment results, before fees and expense that correspond to twice (200%) the inverse of the daily performance of the FTSE/Xinhua China 25 index. The fund normally invests at least 80% of assets to investment that, in combination, have economic characteristics that are inverse to those if index." ProShares just went public with this ETF a few months ago but look at how much the volume as grown (good for NYX):

I also added what looks like an inverse head and shoulders pattern with a price objective near $125. I wouldn't put much weight in this pattern because this chart doesn't have much history to go on, and also this ETF was not trading during the Asian market crash over the last few days (because the US exchanges were closed). In fact, I took a call position in the FXI today which is the opposite bet to FXP, but after this international bounce is over I would be very interested in a long term short position in the Chinese markets. I went ahead and added the pattern because I saw it, even though I am currently trading against that pattern.

Disclosure: I own FXI and NYX calls.