I haven't been doing this very long at all, though I've watched charts for 30+ years. Seriously, you can't think about "if onlys" because they will eat you up. I was long the other day due, as you're describing, and the charts told me to get out. Even though prices rose, I was happy because I did the right thing textbook-wise. Once you make a trade, learn from it, and forget everything else about it...especially profit and loss. SM
Honestly, if it were me, and I had the PDT rule hanging over me until Monday, I'd take a 5% gain, then sell half and match my holding with a FAS position, then walk away market neutral until tomorrow. Rinse and repeat tomorrow. You give up the potential for a home run to hit singles, but I'd be more conservative under those constraints.
This is what I think is going to happen....DOn't know whether I am right or wrong, but this is what I think The market is going to close near its previous close, whether higher or lower, tomorrow the market is going to drop to close and the weekend is going to show a huge gap down on the DOW and that will be the best exit point for FAZ. That's what I think will happen right now....I might change my mind in 10 minutes though so don't write it in stone.
Looks like a defense of 8200/875. I'm in FAZ, but will dump it if I need to. Not willing to hold overnight here unless I see something......
SPOT ON!!! They are holding those levels. I trade futures primarily, and the 870 is trying to hold as a support level. I just had the feeling today will be very interesting
And here comes the sell off. TRIN/VIX spiking yet AGAIN!! This'll be the last test before the dump? Any thoughts?
Nah I think the dump will be tomorrow. The easy money for the day were the sellers at 8300 on the dow. EDIT: I'll be very careful on the short side if S&P closes above 875
Too early to say whose holding faz, I'll let you know at 4pm I am holding it now, but we'll see what happens in the last 45 minutes of the game.