He said he got in at the beginning of December - so anywhere from $18.50 to $22, and he said to sell before talks were resolved, so if he sold between December 21st and December 31st he won. Anyone not heeding his advice has no reason to deride him.
I think I'll pass on your advice... This thing has only one direction... DOWN! And if the FC deal is made, lookout below cuz she's gonna tank HARD! January futures are now about 10 cents away from spot. If spot moves back down below 16, UVXY will be trading well below 18. Here's some much better advice... If you're holding long UVXY, SELL SELL SELL...
negative. But, have a question nonetheless. Although not a very frequent UVXY board reader/poster and probably have incomplete info. When did you begin to initiate long this etf? More so, what was the impetus for your entering long UVXY at that particular time?
I have been holding since the beginning of December. I initiated a long because many people are grossly underestimating the fiscal cliff. It will have a huge impact on the market as the deadline nears. Ultimately, a deal will likely happen, but a deal is already priced in to the markets, so any anxiety will cause markets to fall. The Dow is at an all time high, and a correction is due with the cliff looming. If we go over the cliff S&P and Fitch have warned of a credit downgrade. This is also a serious risk. A credit downgrade would increase the American debt overnight, and would trigger a panic across Wall Street.
UVXY will increase as the deadline nears because a deal is still far away and both parties want to bring home a deal they can hang their hat on. Personally, I plan to hold for at least another week, but I monitor UVXY constantly via mobile as it is an extremely risky asset. I am only up by a little less than $.50 right now, but with the 10k shares i hold, thats $5k. I believe I can make at least $50k in UVXY and that would be the fastest $50k I have ever made. I also recently purchased some $24 calls that expire at the end of the week. Even though I may not hold them until expiration, I do think I can sell them for a profit.