The market was deep in the red before the open this morning. Since the market open stocks have been rallying. That $SPY $192 level remains in focus.
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A few weeks ago, I wrote about a strategy that consisted of selling short out-of-the-money VXX calls. Before I was willing to short the calls, I wanted the IV on the VXX to be near all time highs and I also wanted there to be a pullback in the SPY. Both of those occurred today, therefore, I shorted the September $50 VXX calls. In this blog post, I will explain why I like this trade so much and how this strategy is much better than any other bullish strategy.