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J. C. Penney Company, Inc. Message Board

sosa_k_king 2 posts  |  Last Activity: Nov 14, 2015 1:15 PM Member since: Oct 4, 2004
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  • sosa_k_king sosa_k_king Nov 14, 2015 1:15 PM Flag

    Amazing what changes in perspective can happen. If you told me, when I had 400K, I would be happy to have turned it back into 50K, would not have believed it. But if you had told me I would be up all weekend waiting for futures to open, and just praying I don't end up with $0 balance (or worse) Monday, really wouldn't have believed it. I don't have any other assets for my broker to go after. I didn't really appreciate the danger of this- big part of my losses was unhedged short of UVXY- I had been making money shorting weekly calls. When UVXY was 28 couple days ago, just didn't see 60 as being a problem- but that is why they called it a black swan. Just praying for a miracle and only $45 print on UVXY this week.

  • Here are my positions at the close Friday:

    Account value 50K
    Short 10 UVXY 60 strike calls, expiring next week.
    Short 60 VXX 40 strike calls expiring in 5 weeks.
    Long 1000 shares VXX I bought in the after market Friday in mid 22s.

    I don't see any way I can survive this black swan on Monday. My only prayer is that somehow VXX would open only around 23-24, so UVXY is 44 and I have a chance for UVXY calls to expire at the end of the week and can sell the VXX long position for a profit. If it goes above 24, the small profit on VXX long won't matter as the calls will kill me.

    Ironically, I could end up getting crushed by the VXX long position if it somehow gapped lower, but I don't think that is likely. Just venting and asking for advice if anyone cares to give it- I know I put myself in a terrible position, just trying to figure out the move on Monday.

    I am thinking the high for the week on VXX will probably be right at the open Monday. That has happened consistently on the spikes. So most likely I will sell the VXX long there and close out UVXY calls if I have to, and wait for a better close out on VXX calls.

    I'm not that worried about VXX 40 calls for December. But UVXY 60 calls next week is real trouble. I am just praying VXX stays under 24 next week.

JCP
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