We have been waiting for this cut of the sword all week and today it played right into our hands for those of you who chose to participate in all or part.
We recommended taking profits off the table in RVBD (May 22nd) and switching exposure with a Buy in the RVBD June 40 Puts for 2.15 which are currently trading at 3.40.
We are keeping our Long Calls in the VIX June 13 Calls with the macro view that even if we hold up a bit in the days ahead volatility will definitely pick up as uncertainty pulses through the market.
Bought 80 QID shares this morning at 47.10 and letting them ride.
Nothing done on our limit in USO at 48.50 as we missed the low print of the day by 0.09 cents. I will have to look at the charts for the next entry point as we are Long the Future CLA at 64.50 and I’m not big on chasing this thing.
Sold to close 2 SPX June 1500 Puts at 14.50 today which was the closing of the long Put purchase of May 22nd at 7.50 - thank you Pit traders. Keeping the remaining 1 lot open.