Monday, October 12, 2015

Oct 12 - Consolidation day

Price action is subdued due to holiday and VIX is once again selling off.  There might still be some upside left but the easy money on the long side is done.

Was stopped out of GS long Friday and am continuing to thin out my longs as we get closer to overhead supply.  Currently have small SSO, EWG, and sold 1/2 of VXX put spread position (picked up last week around .26) today for .78 and another 1/5 at .83.  Daily stochs/ CCI saying sell but going to wait until price confirms.  We could flop and chop for some time before we get a pullback so no point in being aggressive with positions long or short now.  This is the kind of week where it might be best to sit on one's hands and wait for price to speak.

No comments:

May 15 - Closed out IWM puts for +120% and picked up DAL and HD Jun calls

I'm going to let the market do its thing this week and probably stay away from new positions until Friday unless something very good pop...