Good morning and Happy Friday!
Well, as most of you know, I have been expressing some caution lately about the potential for a correction. My thinking was that we would get a three to five percent move lower. What we got was a one-day 1.7 percent correction. I knew it would be shallow but I didn’t even have to adjust my bull spreads. So here we are with bond rates dropping and the stock markets moving higher yet again. You just have to stay long for your long-term positions and trade what the market gives you, which in this case, more up. Enjoy your weekend!
PS. One of our traders shared the stock UVXY with me. It is a stock that moves higher when the VIX also moves higher. I loaded up on UVXY last week and I sold it yesterday for a 16% return. It is a great stock as a hedge as I found out. So when the market moves up again. I will be buying UVXY.
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