May have waited a day on the short squeeze. I think the current level resistance 94.40 is significant for a move higher. Long 3 contracts @ 94.07 from yesterday
CL Redux
- Thread starter schizo
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May have waited a day on the short squeeze. I think the current level resistance 94.40 is significant for a move higher. Long 3 contracts @ 94.07 from yesterday
Looks like 91 tomorrow with hopefully with another little pop in volatility so we can get some meat back on that premium bone. I'm short 86/98 in Nov but this afternoon I actually bought some 90 puts with 8 days left which is something that I would never do but the way everything lined up looks like I can make some money coming and going, only bad situation would be a huge bounce mixed with higher vol.
So far the script to this week could not have played out any better. I did puss out a little bit this morning when closing out some of my 90 puts i also shaved some 87 and 86 puts from my short strangle which only left it with a slightly bullish bias which after the last few hours has worked itself to neutral.
I was trying to start buying some Nov 89 puts if we got back up to 92.80/93 area but we seem to be petering out right where the former hourly lva is.
I would be happy as shit if we now just bounced around in a 3 dollar range for a few days and IV dropped 8% before continuing this beautiful decline towards 85.90.
The volatility has been like this all summer.. But people rather talk about the ES or the NQ (don't ask me why).
Trend line stop sign
Having missed the big move, I have to admit I was tempted to catch the knife there, but caution has prevailed.