I can’t imagine anybody wanting to be long into this weekend.  So I don’t think this up/down day for equities/vol will last into the close.  Therefore, I am tempted to scoop up some more VXX options (the December 38’s) and more UVXY shares (cost basis = $12.35 for the shares I already have).  Mind you, though, while I commented on today’s vol pullback being the spark for my interest in scooping today that long vol is a position trade for me and not a day trade.  Every day brings us closer to the inevitable upside explosion in volatility that I have been anticipating for a few weeks now.

I also share Fly’s sentiment regarding $Silver.  AGQ has pulled back to my cost basis ($37.95) for the shares I picked up in May.  I will buy more if $SILVER pulls back some more today or next week.

Speaking of $SILVER (and I’ll throw in $WTIC), the biggest lesson I learned this week is to tune out all the noise when it comes to QE and to instead pay attention to metals and oil.  If metals and oil are not moving up (which they most definitely were not last week and Monday and Tuesday of this week) prior to a supposed announcement of QE then the odds are very much stacked against said QE announcement being a reality.

*Update:  Pulled the trigger and bought a couple of VXX calls (December 38’s) and some UVXY shares.

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