Snoozing Bears Are Losing Bears

14 May 2020

Long VXX. Short SPX.

Current VIX buy/sell sentiment is eerily similar to March 4th, the top of the relief rally from the first initial drop from ATHs.

14 May 2020

Not

Dumped a portion of my VXX calls, most in the money, but even some at a loss. Still have a bundle just in case we're off to the moon with some futures limit downs.

Expecting possible lows of VXX at $33, with highs of SPY up to 292; will reload new calls on the way down.

18 May 2020

Not

Only true bears will win.

--- FACTS ---

PC, bears have capitulated. Shorts are nonexistent.

PCSPX, same level as 3-4 days before gap down on Feb 21/24.

PCC, bears have capitulated. but it's at the same level as one week before the gap down on Feb 24.