Tuesday, October 11, 2011

Cushion, no springs (updated 1000 am HST)

3:38 am (Hawaii) Out of FAZ at 56.40+. It was up to 57.10, but couldn't get any strength. Made a small profit (+1.60 or so) and it could run much higher from here. For now though, I'm out. Best not to fight the waves, and today looks like a choppy one with indecision from both sides. Nice to see that 54-55 bounced.  Dow meandering at -30 to -50 so far.

Update 9:37 am Re-entered FAS at 12.00. Kept pushing and pushing, dam finally broke. I thought FAS and FAZ might end up flat and they still might. But with the Nas and S&P positive most of the past few hours, Dow finally broke into green, FAS to follow? Whipsaw action all day, glad I stayed out.

FAS went to 12.07, now at 11.95. I may have spoken too soon.

Update 9:53 am Out of FAS 11.91, took a very small loss. It was up and I should've put in a stop order at break-even (12.00). Too optimistic. I knew the profit taking would kick in. FAS now at 11.86. It's not a gainer today, but it was at 11.00 yesterday, and traders are taking what they can before the next move down. I'm now basically break-even for the day, a few bucks ahead for my effort.

Update 9:57 am Back in FAZ 54.94, almost exactly where I got in yesterday near the close. It looks like the market wants to pull back or steamroll higher, but I think it may just wander in this range for awhile. Whatever I think, though, is meaningless. If the bankster stocks collapse, this small FAZ position could be a longer hold, but it could fall through the ice and head down to 52, then 44, in minutes.

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