Is The Correction Over

I took miniscule profits on my SPY Puts due to the spike in the VIX. Instead I sold some SPY short, but a smaller amount making me a bit longer. I am still not very bullish at current levels but believe I might get a chance to reinitiate some hedges at better levels next week as I expect Greece to fall in line. Have a great weekend.

1 comment:

Anonymous said...

So what I mean is that today was a huge buying opp. Everybody was loading up long whoever can read the tape.It was a gift. Several buy programs throughout the day and end of day sell programs could not take market lower. The spike in the VIX means many are overhedged now. When vix spikes like this it is a one day event. Felt like 1/28/11 but this is even better bc buyers roared the market back up last minutes. If you listen to the right managers - a select few ones...the SPX target is 1440 .. May 2008.. going there at least. The market has been breathing that way.
The Greece stuff is background noise...noone will care in a few days. Ben will print no matter what..Its ok to be long a lot bc the dips are always manageable. When the real selloff comes there will be a retracement to hedge( I am rarely wrong about this, but happens sometimes..)