Close the VIX Calls for a 17% Gain

On July 20th we bought the Sept $14 Calls on the VIX at $2.00 even, and today they are trading at $2.35. During this time the S&P dropped from 2130 to 2065, and it bouncing back in it's trading range above the 200 DMA. You can see from the chart below that between yesterday's session and today's activity that we've bounced almost exactly off of the 200 DMA, and didn't break through on the downside. This could lead to another short rally up to 2120-2130 where we encounter some more upside resistance.

Due to the technical bounce, and the possibility of a rally over the next few days we are closing this position at $2.35, and taking .35 cents of profit for a 17.5% gain.