Last day of the month - in normal bullish years CNBC would be full of praises to the rules "As January goes so goes the year". I haven't heard that one too often this month.
We opened the year @ 924 and are closing around the 825 level. Down 10% - if the old saying has any value then we can expect some more this year.
The last strangle I entered I took off for a small loss. I decided not to fight it. The main reason to enter the trade was my conclusion the VIX was coming down - now the VIX has reentered the uptrend - time to take it off. As I blogged before I enter those strangles with negative delta's and short vega. If the trade goes against me I get compensated a little by the delta's. My loss was approx a 10th of my potential profit.
I am drawing a support line under the Nov lows and last weeks lows. I don't think we want to see that one break. I will be ready to add to those long term SPX puts.

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