I went back to playing long volatility this morning, inside the 12631 Trading Service, via UVXY.
We had a nice, quick trade in this one last week. But, of course, the key is being quick.
For the sake of discipline, I had to sell a piece of my position, moments ago.
Here was my note to members, to illustrate the point of how nimble you have to be with these exciting but dangerous instruments.
chessNwineSold 1/2 of 1/2 $UVXY long @ $60.86 from $57.78 entry for sake of discipline to lock in the fast gains. Still playing for spike in fear but have to take gains when I have them in this corrective market, in both directions. 1/4 position left.
Chess, do you see the three peak dome house pattern playing out on the daily chart of the Nasdaq?
Hi Tpain, I see more of a rounding top. Also can view it as an old school horn top. But main issue is the busted channel dating back to November 2012.
Thanks Chess. You’ve been killing it.
I was clearly early with SVM (bought @ 2.18), but I’ve stuck with it. It’s been building a base, so a close above the 20 sma, could be the ticket…
smoked it.
I heard that. Chess is smoking hot.
I have been anxious for a chance to buy a dip in CPL since you mentioned it some weeks back, but I haven’t had a chance. Excellent call! It’s been on a wonderful tear that I’ve hated watching from the sidelines.
Cheers, Mr. President.
Nice work navigating through this mess.
Helped me a lot.
Thank you, mickey.
Chess:
Was wondering if GM down just a few pennies in this vicious rout today in the market, is that worrisome for your short thesis? Thanks.
No it already was out in front of the selling previously.
Thanks Chess, appreciate all your work.
Hmmm, will market come back for Easter…