I'm long overnight UVXY etc, bought a bit premkt, will buy more if it takes out new highs VIX > 20 is bearish
Yeah I saw the signs yesterday, although with this market you just never know, but I think the top is in for a few months at least. Here is the DD:
These corrections have lately run just 3 to 5 days. If selling accelerates there's big upside in inverses
Where have I heard this before ? Oh yeah, every month since the election. So what did the market actually do ? Went up in almost every case. Did any of the previous top calls work out ? No, some of them went down in flames actually. What is more important to the market : huge economic recovery, low interest rates for years to come, strong corporate earnings. Or is it all these random "negative" news stories like Delta variant is going to get us ? Guess we'll see but it hasn't really worked out for people shorting this economic recovery.
Performance of these etfs since 9:30 am July 8th ( the mkt open directly after this thread started ) : UVXY 31.83 to 27.96 ( - 12.2% ) TZA 32.66 to 29.69 ( - 9.1% ) SQQQ 9.03 to 8.64 ( -4.3% ) Something similar happened on June 21st. Seems like hard work trying to make meaningful money in this fashion.
Looks like I called it fairly well; I'm not super confidant though going into this week so I've been gradually selling off higher risk positions. Some of the stuff I love longer term is shaky short term depending on news. If Opec+ news turns positive I'll reconsider. I'm waiting to see if Gold/Silver prices go up and/or the upcoming earnings are good on some of the miners. I'm prepared to sell remaining few positions or add some old favorites when direction is confirmed.