Monday, October 11, 2010

Bookkeeping: Closing iPath S&P 500 VIX (VXX)

Each time I buy something new, or take a loss in a short my thought process is this is the move that finally the market will observe and then reverse.  I have been saying that for 3 weeks now however, and have been wrong each time.  So here is another in the litany.

I am closing the horrendous iPath S&P 500 VIX (VXX) position; normally I keep my losses contained but I let this one reach 17%.  There is no worry in the market, absolute complacency so the VIX is falling, and this instrument does awful in that environment.

No position


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