UVXY is up around .51 ten minutes to the close or about 5.2 %, quite profitable for those who used it via options. Yes, we have seen larger spikes in the past, but insurance via puts is just not at quite that former demand level ... yet! Puts are still pretty reasonable. Buy insurance when you can afford it, not when you have to ...
UVXY Surge -- I'm v. long
- Thread starter KCalhoun
- Start date
UVXY is up around .51 ten minutes to the close or about 5.2 %, quite profitable for those who used it via options. Yes, we have seen larger spikes in the past, but insurance via puts is just not at quite that former demand level ... yet! Puts are still pretty reasonable. Buy insurance when you can afford it, not when you have to ...
Yea UVXY had a much better day than VIX for some reason. Agreed on the insurance when you can afford it lol!
So would that be "quite profitable" for the guys like Calhoun who traded it from 13.6x to 9.14 in a few weeks ? Fooled by noise seems to be the theme here imo.
My post was only regarding the latest action in UVXY as a day trade; using UVXY for a much longer period can be fairly hazardous. As most of us know it is mean reverting after spikes. However, a 5% percent move in a day further leveraged with options can indeed be 'quite profitiable."
However, i suspect much of the recent action is due to Mr. Scam Bankrupt-Fraud and his FTX chaos, bleeding over into numerous markets, just like today's chaos at the close when US Treasuries went crazy.
Tomorrow might reverse all of the UVXY gains and more, largely depending on CPI. I am flat and will be standing aside until the dust clears ...
However, i suspect much of the recent action is due to Mr. Scam Bankrupt-Fraud and his FTX chaos, bleeding over into numerous markets, just like today's chaos at the close when US Treasuries went crazy.
Tomorrow might reverse all of the UVXY gains and more, largely depending on CPI. I am flat and will be standing aside until the dust clears ...
Yea, its all seemed very "news based" to me the last month (probably more) or so - the market seems to want to go up, but then the bad news hits, and BAM, whatever you tried to forecast as far as price movement goes out the window and its look out below. Not like the glory bull days where bad economic news would just slow the upside for a day or two LOL.
Unfortunately, based on his extreme negative bias, Ken has been playing this "surge" in UVXY as a trend holding overnight. The drop today was quite likely imo which is what my point was yesterday.
Note that when UVXY is up 3-5% he's posting about it but when it gaps down 8% overnight crickets. Can't imagine SQQQ is working out all that well either today. He'll be on here later saying he was pairs trading, long semis, and glorious wins day trading or even fading this huge move. It's mostly bs and very, very predictable. Day trading is the least profitable type of trading unless you put massive amounts of money on the line and are really good at it.
Note what I said to you mid-October about market outlook and what to maybe buy. Volatile trades but overall profitable.
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careful boys, don't wanna get hit with those libel lawsuits!
heard they were for 6 figures from a guy with a useless IQ