Market is too irrational right now...
Ultimately all my day trading in VXX has netted me a loss of $138.56 as I sold out of my position this morning....I thought about getting back in recently in the $34.40s but volatility right now appears to be completely dependent on economic shutdown. The fact that Covid cases are increasing at a rapid pace coming into a new school year appears to be only marginally phasing investors right now. The fact that companies have lost billions and are on track to lose billions more is only marginally affecting investors. The fact that price to earning ratios are at abnormal highs appears to only marginally affect the market. But when you start hearing economic shutdown - thats where the big jumps in volatility happen. Right now, trump is not going to flinch. And at this point he cant if he has any chance of winning re-election.
Yes the plague stocks have some excellent action - my portfolio has increased over 10% day trading plague stocks since beginning of March. I know thats very modest - Im sure others have made over 40% or more, but I’m being more cautious with these stocks as they are the most hyper inflated right now. For example NVAX should be nowhere near 80 per share. More like 20, 30 max with government intervention. Ive had some good success day trading MRNA. They have a nice consistent pattern that is almost entirely predictable. But very risky at that price with no proven money makers...one bit of negative news and that price will drop very rapidly back to the 20s. Ultimately you are correct, there is much more money to be made elsewhere - and although my timing here is off, I think given a little more time, the big jumps in volatility will start forcing some hands as Covid starts to overwhelm the health system - but not yet...
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