I bought some UVXY here, inside 12631 just now, looking for volatility to play catch-up to the carnage in the momentum names.
It is a gutsy play into the weekend, with quite a few momentum names oversold. Keep in mind, though, that the Dow and S&P both printed fresh all-time highs this morning. So, it is not like I am buying volatility at the end of a 10% broad market correction, or anything close to it.
I also do not see too many traders in a rush to by volatility here, leading me to continue to think we are looking at a complacent market.
My stop is under $55.
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Chess you are on fire man!
I gave up on VXX today just as you posted. Went back and rebought my weekly calls ten cents higher.
Nice call!
Remains to be seen, my friend. But thank you.
Chess going for a quickie..
😉
DO NOT hold on to UVXY for long unless you read the prospectus or you’re an OG.