gfp: I just returned from a week on the Island of Eleuthera in he Bahamas. My cousins from West Chester, PA have a condo down there and we joined them for a week. Bad timing for me. I could have made a fortune on UVXY had I been home. You can't function that well on the island. It's stunningly beautiful.Some of the prettiest beaches we've ever seen and best snorkeling I've even done. Their place is about 8 miles south of Governor's Harbor. There are only 16 total units, 4 building with 4 apartments each. Not directly on the beach but only about a 50 yard walk on a trail under a tree canopy. Lovely, peaceful spot. But the internet speed is like being in America in 1992, and the power goes out sometimes 10 times a day. The condo board has tried to get approval for installing a big generator but half the owners only stay on the island in winter and don't want to pay for the huge expense. So they have to live with it. But when you're there you are so busy exploring and enjoying the island you don't care about the rest of the world. There was a Canadian couple who have a unit there, friends of my cousin at this point. who have a nice catamaran. They took us out sailing 3 days on our trip. There are beautiful little cays and sandbars where you can anchor and swim, have a picnic. Drink some beer. What a great time.
Now it's back to reality. I had set a stop loss on SVIX at $18.01 last Tuesday. So that triggered. I also had set stop losses on a few individual miners. They all triggered, I didn't do anything on the ETFs so I took a beating there. But the miners will recover faster than the rest of the markets. Central banks will be buying even more gold now. I see the VIX is well over 50. I will probably start scaling back into SVIX based on what the trading looks like. Much of what is happening is forced liquidations by hedge funds who were trapped in basis trades on futures contracts. That's leverage on top of leverage. They had to liquidate everything they could. And also a continued wind down of the Japan carry trade. At least that's what Rinear said.
I just can't believe the bad timing on our trip. We might not see this level of panic selling again for a while. I could have made a fortune on UVXY. Of well, can't dwell on that. We had a spectacular time. I won't go tp my death bed worrying about it, but I'll hopefully still have the memories of this fantastic trip. It is an expensive place to live though, Restaurants are expensive. So is food in the grocery stores. Fish was the best bargain, bought at the harbor. And locally grown plantains. Anything imported was sometimes twice the price as we pay in the states. And if you like steak you better bring your own. It's hard to come by and you wouldn't pay the prices for the puny cuts you see in the grocery stores. Pork and chicken were more abundant.
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