Slowly moving from market short to VXX short. Closed UAL short and FAZ long (Financial short) and shorted VXX. Spot VIX 12 wasn't time to go short on VXX. Spot VIX 18 is not a great time to go long VXX. VXX will collapse with contango if spot VIX comes down to 15 with June future expiration not too far away. As long as no sign of backwardation in VIX futures, I'm moving from market short to VXX short step by step. I wish one more big down day so I can close some more short positions and short some more VXX at higher price.
Closed all DECK short, C short and some of MELI short and shorted some more VXX, averaging up. Finally getting close to VIX 20. I hope it peaks at VIX 20 this time. Selling VXX calls going up and selling puts going down. FAS is driving me crazy today. I have long put spread, buy $70 puts and sell $62 puts. FAS is going up and down crossing $62 max profit line so many times today. I would like to wait for tomorrow but if market turns tomorrow for option expiration, tripple witching? I would loose too much profit. Thinking of buying $62 call when price is right to lock-in my profit. It would be real good if it goes down close to $61 towards today's close so I can buy protection.
Closed AKAM short and some of DECK short yesterday and shorted some more VXX today. I think I now built VXX shorts that I want to hold onto for some time. It looks like a market these days, it goes up and down, not just up all the time like past several months. Very good to see market up high pre-market and plunge after open. It's been very long seeing that often.