Since you are one of the only sensible people on this board, what are your thoughts on VIX, (VXX,TVIX,UVXY)?
Do you think the ECB is going to back the spanish bond auction?
Also I am waiting on tech earnings to see the direction of the market. Assuming they beat their lowered guidance then the rally has legs and should continue up over 1400. (maybe 1420-30 depending if cyclicals get some demand).
I'm standing pat today, bought in a little bit at 17.86 but my stop is 17.74 - 17.70. So a very tight stop.
I am counting on options expiry to help us out considering that most of the roll over has occurred that's why we have bled in addition to the lowered risk perception.
Tomorrow should be some increased volatility in anticipation of Thursday. I believe Thursday will come off with out a hitch and their bonds will be auctioned just fine - however around 6% for crying out loud...cause effect would be next week as we creep over 6% after the auction.
BUT this product bleeds heavily with contango like this. The long side is really for a lottery ticket of sorts bet. The short side is a nice slow guaranteed money maker over time. I am just of an opinion still that these 200+ and -100 days are indeed indicitive of increased volatility and I do not want to short this right here. So I will eat crow today, play a little and wait for tomorrow.
My feelings are tomorrow will be a +5% day for this thing, just because of anxiety and anticipation. That's about it though.