Yes it is a very short term bet that would get killed if held for more than a day or two. 5% contango is crazy. I hope we can get some politician blowing the microphone today. That would be wonderful.
And chinq ( :) ) I only have 10k shares. Just to pay the credit cards off. One day of VXX on the righht side should take care of that. Anyway I would never recommend to anyone to ever buy this product unless you have some serious understanding of what it is.
You could short right here and now where I bought and you will undoubtedly be at less risk than me.
I like your chances to make some money today, as some pullback seems likely. But I hope you're not holding overnight, as you know the drill. I know you're not into options, but just FYI the $29 calls expiring tomorrow are bidding .60 at the moment.
Nice to have a day like this. My beaten down stocks are rallying nicely. Sold recently bought MCP for 20% gain, and still holding some that is underwater in case rally continues.