Before the close today I will be selling the TNA shares I had bought in May in anticipation of the rally.  I still have 100% of them and will be selling 100% of them.  I will hang on to the long TNA calls I had bought in May alongside the TNA shares.  The TNA calls (July expiration) were a small capital commitment and hanging on to them let’s me stay in the pot regardless of what happens tomorrow at 12:30pm Eastern.

Before the close today, I will also be selling more of the legacy URTY position from last Autumn and buying more TZA and UVXY.  UVXY rather than TVIX given the former’s more favorable position relative to NAV as compared to the latter.

The TZA, TVIX and UVXY positions I have are very small still.  I am only a few weeks into an 8-week scale-in campaign.  If we get QE3 tomorrow….I don’t think we do, but if we do….I may sell all or some of my TZA, TVIX and UVXY but I will definitely be buying back the TNA shares and will add more TNA calls (October expiration).

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