Gains Booked on VXX (2 of 5), TZA (1 of 5) and QID (1 of 2)

As per yesterday's notice, we've booked considerable profits on some market short positions today.

Both of our most recent purchases of VXX and TZA were sold at the open for $33.55 and $10.55 respectively.

+17% and +22% respectively in just two weeks!

Yesterday we cautioned that "if the DJIA is down again, a bounce is likely to begin around the 25200 level."

We'll see how much of a bounce may occur, but for now the low is 25226 and in the past few minutes it's already 175 points higher.

To err on the safe side, we sold one of our two QID positions at $42.00 and one of our VXX positions at $35.40

+13% and +22% respectively in a month.

That leaves us with a position in QID, three in VXX and four TZA.

Still arguably imprudently overweight in these instruments, though now less so.

If equities do recover significantly from here however, we'll of course repurchase these positions. 

Despite this bit of selling the past two days in global markets remain at mania highs, so if we're going to be extreme in our positioning we definitely wish to be extremely short. 



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