I think we go higher. Jobs are bad. I expect a market roll over today maybe 40 points red today which should translate into a decent VXX move. I bought pre-market at 8:30 and have sold that bet but I still hold some VXX.
I hope it works out for you Wes. Certainly a major move higher in VXX will mean that my trading account will be worth more. Will also provide me with an opprtunity to short VXX or UVXY.
I think the fed will stay the course based on todays job numbers, but certainly will not be suggesting any extension of QE or low interest rates. We are not that far off from where the unemployment rate will no longer justify zero fed funds rate.
Obama's legacy will be enhanced by a drop in unemployment. He will be in the history books not only as the 1st Black President, but as one of the most effective presidents ever if he gets unemployment problem solved. I therefore think the push for more jobs will be a priority, and if Obama succeeds, interest rates will have to rise, the fed will shift policy. And, the market will correct in a major way. May not happen all in a day, but will see hints of what a change in fed policy might do to the market throughout this year.
hopefully the euro markets close will be the catalyst for that. however, the morning gap seems to have closed and you are dealing with a negative roll yield. doesn't help that it's friday and economic news is already done for the week. it'll probably be best to wait over the weekend, because monday is usually a down day.
i think a better sentiment would be that volatility is at a bargain right now. i think wes meant that an increase of jobs meant more expenses for companies in general? good luck w/ that and if you still have that holding in aapl