Markets - UP UP and UP. VIX getting clobbered and OIL up..

Markets - UP UP and UP. VIX getting clobbered and OIL up..

Markets are up significantly for the past two days and have recovered over 1000 points on the DOW. Running into some resistance here.  We expected the markets to bounce and were long some high beta stocks like NFLX, NTES and SWKS. We think the markets will stay around this level into next week. We went long BIDU for short term trade and sold/hedged our shorts with some puts and calls. We like the markets heading into tomorrow and would stay long knowing the VIX is coming down. We said pay heed to the VIX since it had exploded on Monday - and sure enough - it worked - wish we had enough cash to had bought some of the big stocks that got clobbered on Monday - we are long NFLX and MBLY. Looks like Fed made some statements regarding rates in Sept and ETF FXI looks oversold.. Always hedge.. 

Oil is up over 8% today - was way oversold - we still think it will bounce for short term here but long term the trend is still down. 

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