Last week I suggested UVXY call options with the ETF just under $10. Those call options if you purchased them are a few pennies offside. I purchased the January and in retrospect the March options were the better choice. I will look to exit these UVXY call options hopefully around breakeven.

Over the space of the last five weeks I have been bullish. We have gone from extreme bearish sentiment to if not extreme bullish sentiment….then at least to a point where there is a fear to be short. 

That shift in sentiment should be enough to see at least a couple of down days in the near future. Possibly starting as soon as today. 

Bigger picture I go back to my default mode which is patience. The next significant move could be either direction from here, and I would need to see more to decide which side I want to go with.