Our patience is being tested with the relentless run up; we are not recommending a weekly trade entry today.
We were hoping to enter the VXX weekly Call Credit Spread for the January 19 cycle today. However, in reviewing potential setups I do not see a trade that I feel comfortable recommending. We cannot get even close to what I feel is a relatively "safe" distance from the price of VXX. There is not enough credit to warrant the risk, so rather than suggest a short term trade that is less than desirable, we will pass on entering this play for the week. In addition to the normal weekend risk, we have a three day holiday weekend ahead of us; all the more reason to keep cash as our position.
Remember, patience is an important trait and one we must continue to practice. There is always another week to trade as long as there is money in the trading account.
If something changes this afternoon and a decent trade entry presents itself, I will post an update.
As always, stay keen on your risk management and trade carefully,