Tuesday, March 10, 2009
I had the right idea to lighten up and step back....
...but botched the execution.
Ideally, I would have done nothing today and re-established my shorts, confidently, after the close.
Instead, I got anxious, and shorted way too soon. Now I'll be trading like a wuss tomorrow; I'll be hoping to just get back half of what I lost today.
Today I bought QID at 68.04, 67.33, and 64.53.
I bought SRS at 88.54, 82.50, and 69.90.
I bought FAZ at 81.30, 75.16, 69.58, and 60.80.
And I shorted GS at 79.46 and 83.68.
So I was looking for daytrades but got stuck with positions! Big ones at that.
Hopefully the market sells off a little tomorrow so I can undo the damage.
Note, the FAZ can't possibly retrace. Even if all the underlying financials gave back today's gains tomorrow,....it would only climb to about 78.00 or 79.00.
Don't believe me? Then plug 12.3% into that formula I computed in - Leveraged ETF Risk.