$SVXY just isn’t performing well.  $VIXY is about 4% above where it was a couple weeks ago but $SVXY is about 10% below where it was.  $VIX term structure has a nice contango going on ( >5%) but $SVXY still can’t manage to get out of it’s own way.

I have the fewest open put positions that I’ve had in years.  In the past with $SVXY this low, we would have been piling on the short puts in the out month’s bringing in big premium.  But with the way it is performing, I really haven’t been too tempted to do that.  I know Fuzzball has continued to sell some, but for the most part, I think we have been just continuing to let open positions burn off.  I really have all the shares I want right now.  If I had none, I’d be more aggressive on the put selling myself.  I was selling weekly puts about 8 trading days out and 8 to 10 points OTM but that premium has somewhat dried up so not as good a risk/reward.

$UVXY is only 10% above all time low, $SVXY is 40% below all time high.

Just too much uncertainty for me to be adding $SVXY exposure, sticking to $UVXY when opportunities present themselves.  Fed coming up.  Don’t know what will happen after year end chase for performance gets behind us.  Etc…