Market vol product
-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
-March 23 2020: The Fed just pledged asset purchases with no limit to support markets (unlimited QE)
-April 09 2020: OPEC most likely enforce 10m barrel per day cut of production to stabilize prices
-SPY Intraday pattern: Consolidation
-SPY Levels: 275, 277, 279, 280-281
First test short of SPY prior swing low level of 277.50 (short SPY / long TVIX)
SPY having a hard time rejecting from 277.50 area, probably due to recent bounce from prior days high...
Lessons Learned: Be careful shorting after a bounce from prior days high!
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-04-09 15:10:23 | TVIX | buy | $253.920 | long |
2020-04-09 15:10:52 | TVIX | buy | $253.300 | long |
2020-04-09 15:12:35 | TVIX | sell | $254.500 | long |
2020-04-09 15:13:10 | TVIX | sell | $253.220 | 0 |
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Good trade. Lets see how it behaves tomorrow.