Rally or Fade?
The markets are in a wide range as of now and the rally we saw today was nice but options premiums remain elevated so the directional trade is a bit harder.
VXX refuses to sell, however, the VIX is notably down. The premium on this trade is high on both sides of the trade, but I suspect that we will see a leg down into the end of the week.
General Trading Notes from Today
The market right now is more of a 'day trade' environment rather than an overnight hold trade situation. The 'easier' play is dated options as to not allow for P&L swing with the larger ranges we are seeing.
Should we get a move above $9015 on the Nasdaq then I think it's safe to apply some long risk into the portfolio? $8770 on the downside is supported.
Futures are clearly the instrument of choice so far this week, so more attention has been given there.
The Yen needs to break $93.00s, ideally overnight, to get the risk-on trade to really work.
RH is on the watch for a move higher, but no position yet.
Current holdings:
- Long VXX puts (multiple strikes and expiry)
- Long XLV (front month 94 calls (Closed))
- Long FB (small front-month spec position (lost))
- Long ROKU shares (small spec position)
- Long CMG calls, small spec position
- Long SEP June and Spy CALLS
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