The Ultra Fund seeks daily results that match (before fees and expenses) two times (2x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The index seeks to offer exposure to market volatility through publicly traded futures markets and is designed to measure the return from a rolling long position in the first and second month VIX futures contracts.
The damage I took ended up pretty bad. Last night I sat down and filled out my excel spreadsheet. I was up over the last month around $2,500. This is including profits and losses through the earnings season. I did quite well. Then I bought a bunch of uvxy calls. Total damage about $6,000.00. I went to bed about $30,000 richer and woke up with it all gone. No more of that gambling for me. Even when I'm right, I'm wrong! Yuck. Now I'll be sticking to the mechanics of trading. Selling premium. Doing it the tasty trade way.
