Originally Posted by Vanity
Actually, I sold at 8.60 so it was closer to 20%
Waiting ATM to see if it's worth another re-entry for the week. My take is that if it's going to be a bloodbath, we're going to have to see some big moves downward. Now, all over the world we have that, but the current dip-rally is coming up on very very low volume. Friday we saw some huge volume, so I suspect that's the institutional and commercial players already getting out. Something tells me the low volume today is just a small reprieve before more bigger down days. Hrm.
On Friday the VIX futures spread had hit a 3.00 difference and the 25% spike today in spot vix brought the spread down to as low as 0.65! The closest we have been to getting towards a hint of crisis like last year.
Update: currently day trading this baby till I'm resolute on a position at the close. But I just purchased it at 8.20 and it's 8.30 ATM. Might sell at a whim.
I definitely foresee more downward movement this week. Look at stochastic on daily chart for SPX, a strong momentum shift just occurred and we have a long way to fall!