UVXY the market still isn't ready to be convinced yet, finally got a nice rally in UVXY but it keeps pulling back quickly every sign of life that SPY gives. BUT you have to notice that there IS an underlying trend that is holding. Once this gets over $23 in coming days (if it does) we'll start to see the fear and big pulls in SPY. I went long pre market when alerted in the room and have been trading around the core since. If it starts to peak out at $22.40-30s then I'd likely take the rest of gains and move on waiting for another day. One thing that has helped me with trading this market is to stop trying to be biased and find the top, or find the bottom just trade what the market gives us and don't worry about how oil is going to impact this or that. Things have ran SO much you don't need to get the top print - you can be patient and wait for proper risk/reward set ups.
TSLA if I know one thing about this name it's not to chase so I waited for the pop and got short at $234s - took nearly $2/share re-tried it again and has been a nice unwinder so far. This is what the back side of a squeeze looks like - heck may try it a bunch of times on the way up but when the wind comes outta the sails, the buyers are gone.
AKRX the only thing that would have been better here would be a gap up parabolic - but great nail on this one straight off scan last night morning push let it peak out through $26s look for fails on the trend and start in on offer/pops with risk off highs then use VWAP as a guide for the unwind. May not look like much a move but nearly $2 pull back is a MAJOR trade opportunity. Likely trades alongside market if we continue to unwind this can continue to take out lows, if market recovers - might find some support back towards $25. I'm done with the trade for now.
IONS big trade for us today got short into the $44.50s after $45 put in a few tops continued to add $44 and once it confirmed went ahead and added a bit more - scaled out 1/3 at a time and currently have very small left short in case it wants to unwind towards $40. Going to watch this over the next few days.
SM big big gap down and then waiting for pops to get short once I could risk off $19 -- got short $18.80-85s due to the weakness in XLE XOP etc . Also had a trade off WLL for the same reason. As I talk about in webinar each time -- the days XLE XOP and steady one direction are the days of the unwinds those are the days we pay attention. Chop and sideways action - forget it.
ENDP was a beauty today, relative weakness vs. peers along with MNK them both dance around green on day to red and started in, started to add to winner and covers along the way down. At this point looks as if ENDP could continue to slide if $30 can't hold a bid through the day.