Picking up some FAZ here @ $45.15
Just in case this support decides to give-way this afternoon. Dow currently 7950.
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Picking up some FAZ here @ $45.15
Just in case this support decides to give-way this afternoon. Dow currently 7950.
Welcome - - to your world! :bigsmile:
Lady
I have been trying to be patient, waiting for a trade from Trader Fred, but I couldn't take it anymore. :)
Wow, congratulations! :bigsmile:
I was going to buy FAZ and GLD first thing this morning but our area had a power outage that lasted for about 4 hours today and by the time I could have executed the trades the window was gone. Pits!
But one thing about this market - - there will be other chances to bet that things will get worse. :rolleyes: :nuts:
Lady
Thanks Lady. There is a big old gap in the S&P. I can see the market dropping another day or two, but that gap near the wedge break may be a target for any relief rally later in the week.
Friday's low 825 | Today's high 818
http://www.etftalk.com/images/forum/gap1.gif
That was a great entry point, I jumped the gun and got in at 60. I'm thinking of dumping it and waiting for a better set up.
Nice job Tom!
Bought UCO @ 5.95
Good idea on the extended weakness. What are you looking for, a move up to that gap around $7?
Perhaps this is a version of the seven day extension fade?
http://www.investopedia.com/articles...n-day-fade.asp
I actually hate the chart on this puppy as oil looks pathetic. But I am playing this as play on a potential snap-back rally in stocks - possibly before the end of this options expiration week, or next week. Oil could run up 15% to 20% in no time, and this ultra ETF would really benefit. And yes, there is a big gap near 7.40.
I won't thank show-me yet for the heads up on this one, but hopefully next week we will be high fiving each other. :)
Oh, I know. DXO was a bust, I'm glad I took my money and ran from that when I did. UCO is a better option, though I like the prospects for UGA here sitting on support at 20.
By the way, at Lady's suggestion:
UCO = Ultra ProShare, 2X the Dow Jones AIG Crude Oil Sub-Index (DJAIGCL)
http://www.thestreet.com/_yahoo/stor...FREE&cm_ite=NA
"The fact that Exxon was downgraded by both Barclays and Bernstein today but is still seeing upside "means that oil is done going down," Cramer said. "The oil bears are going to have to put up or shut up soon, and I think they're going to shut up."
I don't like DXO because it is a Note and not a Fund.
I have found that some of the new ETF's have a tracking error the newer they are and as time goes on track better to the market.
By the way I really envy you again, nice price.
I have you to thank. Thanks! :)
Except for the UCO, I have still not taken a long stock position in my personal account (although I did in my TSP). I'm looking at SPY as a possible conservative play to try to catch a bounce. No postition yet. Watching, waiting.
Bought SPY @ 76.30
Is an afternoon reversal and some follow-though on Monday too much to ask? S&P now 754, Dow down 200+.
If the market looks like it is going to close green, I will add some FAS to my SPY position before the close, looking for follow thru on Monday. It must be green just before 4 PM, however, otherwise I'll stick with just the SPY position.
Nice rally in oil this afternoon, also.
With the S&P down over 1% at the close, I did not add to the long position. Still holding just SPY.
I do see a snap back rally as a good possibility this week, but I must say I am a bit less confident after I received Trader Fred's signals for Tuesday (trade made COB Monday). I get them in advance. :toung: I will post it on the site after 12 noon ET Monday. It surprised me.
My SPY position is down a modest 0.35 and I am a little torn. I can't help but continue to believe we are going to see a snap back rally, but Trader issues a buy signal on SDS (2 x S&P short) at the close of business today. Sheesh! Sounds like a break of support. I should probably take my small loss and be done with it.
Fred's signals are not always accurate to the day so maybe I will get lucky enough to get a late afternoon rally today, and carry into tomorrow before the selling continues.
I hate when I have to use the word "lucky".
Well, luck didn't work. The SPY position is now down 1.65 or 2%. Bad, but not horrible. I knew there was a reason I didn't buy SSO or FAS on Friday. :eek:
Still holding but quite worried because of Fred's SDS (2X short S&P) buy signal for Tuesday.
Also, still long UCO from 5.95. Closed today @ 6.22.
Limit order placed: Buy SSO @ 18.15
Wow, you hit the sweet spot on that exit :) I couldn't have timed it any better if I tried 10 times in the last hour :bigsmile:
I would be looking to reenter SPY here at the 76.00 area, but I am going to pass because I have to run and can't watch it. It could get wild. My stop would be near 74.50. No position.
Bought GDX @ 32.50 - My stop loss is currently 30.90
This should act as a slight hedge on my open SSO position.