Sold off XIV shortly after open for a nice 3.5% gain and still holding TWLO which has been slightly drifting downward for a week on decreasing volume. It looks like a good set up but not pleasant being 1/3 underwater on my calls. MEMP close to a stop out but giving a bit of rope to this one.
I am anticipating a repeat mid May where saw a very similar pattern and a Thurs reversal and Fri follow through. Tomorrow if we get a more down I will aggressively buy XIV or VXX puts. Overall, this churn is healthy as it is allowing us to carve out a short term bottom.