The UVXY position is slightly down, the IWM position is down, but gained +25% so far (higher earlier) and yesterday's SPY calls are up +15% in the green.
I still get the same feeling I posted earlier, there was some late day accumulation yesterday which was the best signal of the day and this morning's gap didn't allow them to finish accumulating, I sure as heck wouldn't have added to the SPY calls on this morning's gap up so that's what it feels like they are doing right now, trying to finish accumulating at lower pricers, but to be sure and to add to SPY/IWM calls, I need to see migration of the divergence, meaning charts longer than 2 min to go positive.
Right now we look like this...
High Yield Corporate Credit, which in this case is almost exclusively used to ramp/support the market is showing late day accumulation yesterday and holding flat today.
However as was the trading plan earlier, nothing has changed, I still need to see additional evidence that accumulation is strengthening and that means 3 and 5 min charts going positive before I'll add any more short term bounce long risk.
Otherwise, I'll just sit on these positions until it's time to close them and open new short trades.
I'll bring you more as I get it, but this has definitely been a spastic market and I guess we can give it some room and understanding as to why, but that understanding ends with that sentence.
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