After last Friday’s monumental surge of more than +100% overall volume, one could argue that volume had nowhere left to go but down. And that’s exactly what happened Monday and Tuesday. The difference between the 2 days? On Monday the market fell and Tuesday it went up. The similarity in each instance (both did so on sinking volume), likely leaves both the bulls and bears with not too much to be excited about at this point. We sold our SPY calls at the close (incorporating our HG early exit strategy), but shrinking volatility took a good portion of our calls value with it, turning an almost 2 point gain on SPY into a -4% loss. Now that TVO’s values are heading back towards zero, it looks like the beginning of a long-term bottom has been established. -MD
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