Hi Biggiee its been a while,
I cant recall when I got out of VXX - it has been a while now. The market was being so irrational that I decided to just put my hedge VXX money on MGXRF which is a renewable battery company out Canada. I got in at around 17 cents and they are now trading at 60 cents - I have roughly 50,000 shares so I was able to take my negative return on VXX and turn it back into a nice positive. I also made quite a bit off BNGO and FRSX and APHA.
I admit, its a little dangerous going into VXX right now since the big tech companies are reporting earnings this week, but when I see “travel restrictions” mixed with record high covid cases and various strains etc., thats when I decided to pull the trigger back in. Because one thing I learned about VXX and this new Robinhood market we are in (idiots not realizing they are paying way too much) as long as the economy is open for business, the irrationality wont stop until the bottom gives out and we aren’t quite there yet for the bottom to give out. But travel restrictions can do a number on the openness of the economy and I’m nervous that these type of restrictions will keep coming with all the bad covid news. So I think VXX is starting to look like a good hedge again. Plus, the passage of any stimulus is way out into the end of February or March - so with that kind of lull in the stimulus schedule, there doesn’t appear to be enough to prop this market up in the near term.
I may completely change my stance tomorrow if the S&P starts to skyrocket - but I also saw an article from Goldman Sachs indicating the S&P will be all right....and thats when I knew to do the opposite. I’m usually better off going against the grain with them, but every now and then they actually tell the truth so anyhow, I’m hoping for a nice gap up in the VIX tomorrow and then I might sell before all the big tech companies report earnings, then probably get back in shortly there after and play around with day trading this all the way till stimulus time.
Good luck!
Ill probably report back to this board off and on when I decide to get out and back in at various times....There was only one time I was very successful with this and it was back in March last year....I got in around $35 and got out around $77. And despite my dozens of failures since then, that ride up to $77 more than makes up for anything Ive lost with this...you just have to be careful and willing to take a loss if necessary to avoid a bigger loss and one day, you’ll get in right at the right time and boom jack pot.
