This morning we did some buying on the opening. As we already mentioned, we covered our short calls in CME at a nice profit. We also bought some Las Vegas Sands and several lots of MGM for a quick trade. We are doing well so far today with all of these trades.
We are looking for the right place to write calls (again) against our CME position and might also write some calls against WFR and WU. All of this depends, of course on what the market does.
VIX has broken above its recent downtrend line, but it has not decisively moved to the upside. The rally off the opening lows today is encouraging, especially given that the job numbers were worse than expected this morning. Are we in a serious correction, or in one of those quick down 6 - 9% and then back up to new highs corrections? We certainly do not know and are trading cautiously, but we would not be afraid to buy the dip (for the time being).
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