close enough to cover. keep buying this up morons! need that june to keep pushing up to 20! can't believe this has a billion in net assets, but that's the market! we are now entering 2012 all over again. big bucks...stop!
you do know what tomorrow is? the third Tuesday of the month! this market is so overbought and is being chased by short sellers covering and money managers who were left behind from 1800 that we are primed for a big drop on any reversal in trend. frustrated by the action but no losing either, so whatever. this market will pull back big time as soon as the next rate hike is telegraphed...next week probably.
my puts are worthless...to people who don't know how to make money! sold half at a double, now waiting to see how low we go today! I'm out of here though, suckers...
a lot of newbies are chasing the heck out of this. no position, but looking to buy puts again. this is untradeable since everyone has been chasing the vix. this is vix futures, so I hope longs realize they are bought in at a futures price of 17.73 (weighted) at yesterday's close...rolling at 10%.
i think we're going to meander around this area for a little while and the next move will be down in the market ahead of the fed in june, or after! either way everyone will reset again.
I've been playing these vix products for 5 years, since tvix was the greatest short of all time when it mispriced by 50% back in 2012... the only reason you were able to make money long was because backwardation reigned for far too long and sentiment was more negative then march 2009! we will sell off again and uvxy will pop, but you could be waiting for a long time for the next run. by your momentum thinking, we should have kept going up in vix futures for the last 5 weeks, but that was wrong wasn't it? when is momentum right to play, and when is it wrong? I'm not a fortune teller, I will buy puts when we get oversold in the market and ride them out, but to time the ups and downs...impossible.
I never go long uvxy. I had a large number of puts for last week's expiration that were bank, but now I am sitting here waiting for the next spike. the longer we go without a spike, the higher the wall to climb for someone who is long. if you see a profit, take it and run away from this garbage.