Unfortunately, I am DOWN 29bps today, even though I have a full long book. Let me explain the sequence of events that led me here.
It all has to do with ANTIFA FLY and me sleeping in. Suffice to say, he missed a plane — I had to run around at 4am to get him on a new one — I fell asleep without an alarm — and BAM next thing you know the market is ripping higher and I have 15% of my book in a UVIX hedge that is down 19%.
These things happen and I sure all of you will forgive ANTIFA Fly in time.
What’s important to know is I am here now. My health is most excellent and my mood very good.
As I write my fortunes increase, now down just 9bps. Hell, if I do one or two brilliant trades today, maybe I too will escape with more money today than yesterday.
Ladies and gentlemen — it appears the greatest banking crisis of our lifetimes has ended. The regionals have soared. The govt wins again. The CPI came in good — just like Joe Biden said it would last week. And now, all we have to worry about are deposits at banks that lose money every time the US 10yr increases in yield — which by the way is +11bps today. But that’s not important.
On the issue of UVIX — had it not been for my inadvertent “sleeping in” — I would have sold it at the open. Anyone who knows me knows I’d do it. I swear on a stack of bibles. But since I didn’t and the damage has been done, I might just buy more to average down. OR, maybe I’ll just sell it and be done with it.
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“You snooze, you lose” in real life.