I had a large position in SOXS heading into the MU earnings, which were terrible. As soon as the market opened, I closed out my positions for a net 101bps gain.
Although tempted to dive back in, as the market is always showing something of interest, I will most likely DO NOTHING until later — when the direction is clear and there is LESS TIME to fuck with my mind and the direction of the market seems clear.
What is noteworthy is collapse in the 10yr, now down to 2.86% and rise in crude, higher by 1.8%. Markets have recovered from earlier losses, as is usually the case with morning drops and now we are in the process of luring people in, so that we can drop the hammer on them later.If you enjoy the content at iBankCoin, please follow us on Twitter