I let out my entire tripled-up position in FAZ this morning. I sold it at 62.11 in the pre-market. I did quite well in that thing on my first foray!
Note that one could have bought all the FAZ they wanted at 50.00 or even 48.00 the past two days.
I also sold some of my Ultrashort Long Term Treasury position. I let out TBT at 48.30 just now. That closes out the additional buys I made at 42.58 and 44.62 back in early December. Effectively it was a 28% reduction in my position.
So what am I looking to do the rest of the day?
Lie in wait. Today feels like the market could move big either way. Naturally I would prefer a big rally that I could short into.
For background, visit my previous trading post - Markets Teetering - Or Bear Trap?.
2 comments:
I think I'm watching this the same way you are right now, hopefully I won't be accused to piggy-backing this time though.
Burned twice on that SWC, don't know if I have the balls to come back in. The weakness in gold is worrying me a bit.
Weakness in gold, weakness in autos, weakness in durable goods, weakness in financials, weakness in real estate,...
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