I wake up at 8:30 on this sunny Thursday morning to find myself off center. Feet not quite on the ground. Still transporting from a world where I did an all-nighter, worked on work-related stuff for nearly 48 consecutive hours (my choice of course) and then finally crashed out for the past nine hours. The only thing I heard about Egypt was via The Fly, who noted that shit was hitting the fan in Egypt last night.
Just catching up a little here. Looks like VXX ran up some to 31.25 early in the day, but pulled back and is hovering at 30.35 or so. I'm slightly negatoid with a tiny position there. Not sure I would've sold at 31+ though. That's how small the position is. Market is generally flat. Hardly a thing moving until the past few minutes as Bernanke talks about how QE2 is not the reason for rising inflation overseas. After ignoring the market for half a year, this is the first time I've seen him talk in awhile. He seems a bit defensive and much less confident, imho. Not the same guy I remember from a year or two ago.
AAPL's range today, 338.55 to 343.92 is interesting. Now at 343.43. Still a lot of buyers even in this skittish environment. NFLX back in the green (211.64). So is F (15.61). But FAZ (+1.5%), GLD (+1.2%), QID (+0.3%) and TBT (+0.8%) are all up.
It was a good morning to catch up on sleep.
Update, 10:09 am (Hawaii time). Stopped out of my little VXX position. Why bother with such a tiny position (loss was 1/10th of 1%)? In a peculiar way, it keeps me interested, more than I probably would be with no skin in at all. It wasn't bad. If it was a sizable position, I would've stayed up and sold above 31. Here below 30, no point.
Bernanke has spoken. Markets will be robust for a few more months and as we get closer to July 1, it all shrivels up and turns to dust. Something like that.
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