Thanks jsp. I didn't know FED minutes are due next week. That may also help keep the volatility elevated for coming week. VIX future expiration is in less than 2 weeks. Hope VIX subsides by then.
Earnings are also coming up, and I need to reduce market shorts at least some of them before entering earnings to reduce risk. Later part of Q2 was peaceful but so boring. At least for now, I prefer some move down and then recovery later. Like down move as long as it's not a crash. Good Luck Trading!
It appears to me that this month will be busy going through with Fed minutes release (next week?) and announcement (late July). I think there are some headaches for market longs regarding Fed policies. Hope your pair trading strategies are working great in July.
Bought 10 DE next week deep ITM puts.
Bought 10 SKX July deep ITM puts.
10 SPY calls sold expired worthless.
Was planning on closing some of the market shorts with good profit but missed chances. If closed, would have passed this year's target gain today based on closed positions (excluding open positions). Now it stands at target gain up to Dec 29, 2 more days left. Of course I have open positions that are under water and need to manage to close them at profit or break-even. For now, I will be facing Greek vote with all market shorts. Will be kicking if market jumps on Monday.
Account big minus due to VXX strength while S&P remains flat.
The way I feel about Greece is, if they vote No, market will tank giving me good opportunities to close market shorts. If they say Yes, market will most likely jump even though not much is resolved and may take even longer to resolve if they go through re-election after yes vote. Regardless of yes or no, it doesn't seem that there can be a quick resolution and turmoil may continue, causing elevated volatility for some time with market going up and down on different news.
I would be much comfortable if I closed some market shorts today, but given those positions are may be less than just 10% of my market shorts it shouldn't matter much, but still frustrating.
I really appreciate the quality of thought that goes into there analysis and the results this site is getting for us! I've been watching the market closely now that I'm retired and I now understand how difficult it is to predict, even at the broad ETF level, especially at this particular point in time. The analysis they provide has been extremely helpful and maybe it can help you.
Visit StockMarketVideot (Google them)
zach, I'm OK. I have plenty more VXX shares short. For oil, I though you said UWTI bottomed at 2.85. Iran deal if happens may send oil lower but I'm thinking panic is over. Wish me luck, and good luck trading to you too.
Closed 1.1K VXX shares short.
Closed 10K UWTI shares short, which I shorted as hedge to USO long.
Bought 10 TBT next week deep ITM puts.
Account not much change. Still waiting for nice down day, but seems unlikely.
Isn't it amazing how the market reacts to Greek default, miles apart from its reaction to the first Greek crisis several years ago. Can't say how much it would frustrate me seeing this market reaction if I held only the market shorts without VXX short. Just unbelievable.