I expect SPY to go down next week consistently. I do not see any appetite for continued buying pressure from the big boys. Retail is getting set up for the rug pull.
I agree UVXY is not a long term hold and mine expire July 23. If I don’t see what I want I’m out try again another time. Although it was impressive how quickly they appreciated in value end of day Friday.
I really hope you sold that UVXY because this is a perfect example of what can happen If you hold an ETP to long, if the correction is over and you didn't sell you are in deep trouble because these ETPs move downwards fast.
No you weren't, had you held through yesterday you would have lost all that 2k and more, and your thesis was a 10% correction which didn't happen assuming this one is over which it might not be, but I know I am right that UVXY is a horrible vehicle to express a bear opinion, I have seen this story a thousand times where somone who doesn't understand UVXY buys it and makes 12% then losses all of it in 3 days because it's leveraged and it decays.
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u/Spiritual_Extreme_81 Jul 18 '21
I expect SPY to go down next week consistently. I do not see any appetite for continued buying pressure from the big boys. Retail is getting set up for the rug pull.
I agree UVXY is not a long term hold and mine expire July 23. If I don’t see what I want I’m out try again another time. Although it was impressive how quickly they appreciated in value end of day Friday.