So, I’m left watching the market blast to the upside this morning. Yes, as advertised in my post last night, my head is about to explode. If I were to try and navigate this kind of minefield action (-2.5%, +1.2%, etc) I would likely have my legs blown off in no time. Sure, the $VIX is trading down, but this kind of volatility is not to my liking.
I may just pack up my ball and sulk home. Then again, of course the temptation exists to try and go long right here, but something tells me that this rally is just sucking people in before another punch in the face to come shortly. I mean, I wouldn’t consider this type of market action at all predictable or constructive (for how I trade), therefore I’m left feeling like I have no edge…especially when I’m frustrated.
As a little salt in the wound, my option position in $VZ is sucking wind as I type which is helping to compound my irritation with this market. I’m not buying anything right now and may, in fact, sell off my $VZ position if it doesn’t start showing signs of life. Stay tuned.