Trade Idea

Even if I think volatility is coming out doesn't mean I can't have a long vega trade on. Volatility diversification is what I like to call it. I have big exposure with short vega trades, so I decided to set some long vega trades.

Major support is at about $18.50, and it seems like we are headed to that level. When we get to that level I will reset a calendar or some thing else that is long vega. As of right now I looking for volatility to come out.

Volatility

Today was a non event day with major indices advancing slightly, and the $VIX making and holding a very important level. Last week I bought a Nov/Dec put calendar based on my thoughts of higher volatility off these low levels.