The Golden Lounge

[ottoman]

I was one of the ones that got blown up on Monday with the short-VIX ETFs.

I wasn't going to play at all, when VIX futures went deep into backwardation, but risked it assuming it would fall. After all, there was no definitive event-style catalyst for this VIX explosion. No Terrorist attack, credit/housing crisis, Ebola scare, election etc. just really overbought market.

I started out nibbling SVXY when the VIX was going over 20.

I never thought it could hit 50. Certainly not in a single day.

but it killed me in the immediate after hours. 4:00-4:15. SVXY went from $71 to $11s.

I had been shorting TVIX off and on since August last year. made a few Thousand $$, then got creamed in one day.

I won't touch that hot stove ever again. All in cryptos!!