Shared by
beno
Fundamentals
Market vol product
Catalysts / News / Painting the picture
-Fed announced 50 basis points cut last week / Trump pitches 0% payroll tax
-Coronavirus fears continue, case count outside of china increasing faster
-WHO declares COVID-19 as global pandemic
-March 12 2020: Fed says they will do more repo operations (pump money into markets)
-March 13 2020: US declares COVID-19 an emergency
-Market consolidation in the 240's and 230's
-Closed weak today, more likely to gap down on Monday
Technical Analysis
-SPY intraday pattern: Fade
-SPY Levels: 228, 230, 235, 237, 240, 244
Original Plan / Strategy
First test short of SPY 235.5 level (Long TVIX / short SPY)
Review
OGT but should have played UVXY instead where I could have slowly scaled out with multiple lots.
Lessons Learned: One downside of trading TVIX with only one lot is that you can't slowly scale out as the trade is working for you.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-03-20 14:30:26 | TVIX | buy | $555.980 | long |
| 2020-03-20 14:31:20 | TVIX | sell | $565.530 | 0 |
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