The market continued to be weak yesterday. Breadth remains horrendous and will take a while before it repairs itself. We are likely to get a bounce today maybe after some initial backing and filling.
My current positions
Short BTU, WLT, TNA, GRMN, IDCC via puts.
Straddle on NUGT - expecting a big move either way. Might be up but lets wait and see.
Butterfly on SPX - 1900-1950-2000 calls. This could turn out to be an interesting trade.
Long VIX Dec calls.
Long a bear put spread 1980-1940.
Long SPY calls as a hedge - entered yesterday.
Overall positions are heavily weighted toward the bear side so I might take some off today. Not very sure how much of a bounce we might get and this is the problem. But either way I do not think the bear move is done yet.
Best,
PM
My current positions
Short BTU, WLT, TNA, GRMN, IDCC via puts.
Straddle on NUGT - expecting a big move either way. Might be up but lets wait and see.
Butterfly on SPX - 1900-1950-2000 calls. This could turn out to be an interesting trade.
Long VIX Dec calls.
Long a bear put spread 1980-1940.
Long SPY calls as a hedge - entered yesterday.
Overall positions are heavily weighted toward the bear side so I might take some off today. Not very sure how much of a bounce we might get and this is the problem. But either way I do not think the bear move is done yet.
Best,
PM
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