I wanted to get a quick update on the books, watching the markets get crushed again, down almost 2% on the day.  Jobs number came out a little weak but nothing special. This is the last long weekend of summer and based on how insane markets have been I am not at all surprised on this move.  US Markets are closed on Monday but Asia markets are open so if something funky happens all the big boys would be jammed up with markets closed.  I’m probably going to add a little to my SPY spring calls.  They are up a little and I usually don’t add to positions when I’m in the profit range, but I think there is some good upside going into next week with a short term bounce.

I exited 2/3rd of my OIL position earlier in the week since it broke back over $47, but more importantly it did is so fast that the call side of the options spread got a little extra juice in it.  This is probably one of my best trades ever, I bought in and kept buying as it fell.  This was close to a Triple, yes a 300% return in just over 2 weeks.  So great.

I’m going to research some strategies over the weekend on shorting the vix on a longer term position.  I have a short that is going to zero but I had another one that doubled.  I have to figure out how to structure a spread far enough out.

I’m going to keep at least 10k on the side lines for the next fall in oil.  I’ll look to build back up on my Jan 17 USO calls as it comes back down, probably look to enter on anything below $43ish for WTI.  If it breaks above $48 again I’ll fully exit the last third of my position and then wait.

Lets all hope for a .25 point raise in September, not sure what the very short term reaction will be, but it will give the market a good chance at a great rally into the end of the year.