Early Market Wrap

I still say you should stay short this market. Even people who are long but know what they are doing are around break even this year. So, my point is this has been a very tough year for traders. It would be really nice to see the market fall a bit so we hopefully can get some impl vol in this market. Once again I have been tempted to get long the VIX. I covered some short puts and verticals I had for a small profit and I have entered into a covered call positions in VXX. To make sure that doesn’t eat into possible upside profits I have initiated another covered call position. I a have a few bearish positions in IWM, QQQ, the and SPY. I did a hedge trade in DIA by buying a call spread. I still have some non-directional premium in the GDX and NEM, despite my worries of gold falling. It may be a good Idea to reduce the risk of my shorts, but I could use a few more positions so I could do that easily. Otherwise, my general thesis is short bonds coming into 136, short Russel, long S&P against that, and some long stock positions to hedge my short index trades.