Market Opening

I’ve been watching Europe disintegrate into todays open. The CAC40 is off over 4%.

Initial Claims, PPI and Core PPI came in worse than expected. We’re in for another volatile day. If the day gets worse before it gets better might the VIX hit 40? I’d like to reiterate my post yesterday. USO will be weak this morning, Oil Futures are 2% lower into the open. I’ll be looking to add to this short position at some point.

My September SPY butterfly which I disussed here, might get sold today. Some trades you really “like”, this is one of them! And my exit strategy wasn’t clear, it was a long shot when I bought into it. It has played out well, and I’m trying to figure out the best way out.