dearinfinity nice play on FAS, did you take profit today after such a run up, or are you waiting for Morgan Stanly earnings tomorrow.
I'm long 100 of FAZ at $12.32. I don't know if I followed Jesse Livermore's "confirmation" strategy by buying today (~10:40am Tuesday)... after the S&P 500 fell 38pts yesterday (Monday) or I just stupidly chased this stock. Luckily I only have 100 shares or else today would've been a bigger loss. I thought about adding another 200 shares near the close, but opted against it. My prediction is that the market will retest the lows later in the year (based on fundamentals & stress test rumors), but I don't fell comfortable holding a 3x leveraged ETF for many months when their is greater risk to the downside.
Bought 250 shares AH @ 9.33 Will buy more if it sells off on MS earnings tomorrow morning below $7.00.
Still sitting on 425 TZA @ $35.95 avg. Almost set a sell limit order at 38.00 before I left the house this morning, but I got in a rush. Looking to pick up 25-50 more if it approaches 30.00 tomorrow, or maybe there will be another opportunity to take a profit.
Question to both of you: Where is the logic in making these kinds of trades? Why are you trying to catch a falling knife? Why not just look @ how the market operates in the first hour or so of trading before opening a position on either side? Get a general feel, let the panic subside, and the price action will be in your favor.
Reloaded SRS back 100% @ $28.10 small add to FAZ @ 9.55 hoping for a multi day or multi week hold this time around for majority of shares.
I can't even begin to tell you how much I urge you not to hold these things overnight for your own sake... look at some of these gaps.