The release of the FOMC minutes from the March meeting is set for 2:00 PM (ET) this afternoon and could have a volatile effect on the market into today's close. Much of what we are seeing in the first two hours of trading is being attributed to the release later this afternoon. Meanwhile, the Apr 14th UVXY around-the-money calls all are up about 100% on 10% gain in UVXY. The UVXY hourly trend model triggered LONG at yesterday's close. and today's gap-up Open supports a clean reversal of trend to the upside that suggests more gaps-up coming. We bought UVXY calls on March 18th and they can still turn out big winners before expiration, but it would take a "worst case" scenario in the markets to make that happen. Yet here we are staring at the potential of an imminent Wave 3 down in stock market indices, and the imminent release of potentially dire FOMC minutes and that worst case scenario doesn't seem so far fetched. The FOMC minutes may very send the market plummeting, or conversely, put the markets at ease and erase part or all of today's losses. Since I wrote my UVXY call position off as worthless (mentally) already, anything better than worthless would be a win, so I'm willing to let it ride. If those minutes are bad enough, I may even double up. UVXY Apr 14th Calls UVXY Hourly
