I wish I had the time to get in here today. My main bread and butter is running an IT consulting business and we are slammed with all of this COVID stuff, so between that, trading, and getting a little personal time to visit this board it's tough.
So what I did today was closed my VXX call spread, since I got a nice little move I locked it in for 20% profit. Reason? The gap down and big buying volume today. I saw this dip being bought up with conviction, and it showed me the Dow will re-test that 23,700. Its a magnet right now.
So I closed that out since it was a hedge, and bought OXY, JBLU, and added to my DAL / AAL / HA positions along with NVDA, STKS, PLAY, etc.
My downside protection is covered calls so I didn't need the exposure with the VXX spread any longer as today looked very strong.
Looking at AH futures now (which I normally don't trust the PM futures as they can change often) it seems here we are with another attempt to gap over the 23,700 amount and cause another short squeeze.
Maybe this is a legit one? Maybe not. I may even re-open the VXX call spread based on the price action I see tomorrow.. but this is why I stayed long with my airliners and a couple other usual plays. I am not convinced yet but as I said before that 23,700 area to me was always the key pivotal area of the markets.
Keep in mind those AA earnings on 4/22 as well. My mindset changes over/above 23,700 for now.. and if I am long I will hedge but I won't short anything right now.
Oh also I am bullish on oil again, double bottom at $20/barrel and I think this is a great area to get into energy and oil plays again hence why I bought OXY and also USO Jan 22 $5 calls.. long term bet on oil price recovery.