July 15 – As we move past VIX 30

There was panic in the streets today. I believe there is some redemption pressure in the market today


Oil is leaking today. Oil is pricing down around $7 a barrel, to $138. Will it create a catalyst to move the market off of their extreme lows on the day. The market has been beaten hard this morning. SP down more than 20. It has come up to -6 by noon EST. The VIX topped @ 30.70. But I don’t think we are done.
That said, I am peeling off more of my long exposure. I simply don’t the long exposure yet. It is doing me very little good, and is taking up mental capital. I also took off my long US dollar trade off (for a loss). Pre-open the Euro hit 160.40. That was a new high. Basically I am bearish the dollar against most currencies. I will look to buy the Yuan (CYB), and Canadian dollar. The British pound and the Euro are going to come under pressure.
This is not exactly politically correct, but

I am slightly up on the day, which is good. I would like to exit more of my micro calendars and bank even more profit. My cash levels have been further enhanced today.
Trades of the morning:
FNM – exited 2 of 5 units of 7.5p calendar for .15. Good profit
URBN – sold last of my positions for .45. 32.5p calendar. .10 loss.
C- bail on my short July 20c for .01. Right near the bottom. I am going to see if I can leg out of that trade effectively.
USB – sold my 2 unit position in the 27.5c calendar, for .10, then immediately put in an order for .01 and was filled on 2/3rds of my position. Brilliant!
MNX – Exited half of Aug/Sept 190p calendar for 2.11, then 2.20. I just wanted out of this with a small profit. I don’t think the little peak over VIX 30, was the epic collapse comes from the fundamentals.

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