Corepuncher's Account

[Gumby]

My condolences and commiserations with you all regarding our FAZ. A good lesson to all of us that the flavor of the day might give us a stomach ache.

Ms. Down $1k+
aka Lady

If I was down only $1K...that would make my day.....so FAS take a break and pass the ball to FAZ.
BHO's stimulus has stimulated me in the wrong way.

Lady, you did well getting out when you did. 20/20 hindsight, I should have set a stop and stuck to it. Oh well.

[Corepuncher]

Think we might drift down all day...will look at doubling down on FAS near 5.00 or lower if we continue down today.

[Corepuncher]

Think we might drift down all day...will look at doubling down on FAS near 5.00 or lower if we continue down today.

Bought more FAS on margin at 5.08. Will buy more if we can get a dip tomorrow, think 4.60 is floor. Upside near term 7-8. Max upside 10-12 if they suspend mark to market.

One of my friends just moved 35% of his 401K to BAC stock, and bought 1000 shares of FAS as well. He works for MER/BAC, so maybe biased....but KEN LEWIS will be on TV thursday as well....always good for a pop!

[alevin]

Guess I'll take a look at FAS in the am, got cash left on the table. I'm looking short/Intermediate term at strengthening $ hurting gold and PM ETFs, going to lighten up on my holdings, but not bail entirely. It's my heaviest position at this point. Aroon and Aroon oscillator both indicate gold trend will continue down for a bit.

[Corepuncher]

Just learning this option stuff, it is pretty darn cool!

I bought a few FAS April 6 calls for 0.80. Looking to sell at 7.00 for a 100% profit in just a few days...may keep some looking for 8, which would be about a 200% profit!

Whats even more nuts, is I'm doing it all on margin! Talk about leverage! Triple long financial ETF Calls bought on margin, lol! And...the margin is against my FAS share equity, 100% of my portfolio! LOL!

Here is my take...I'm looking for some short covering Wed into early Thur...you would be nuts NOT to cover your shorts. Surely anyone in FAZ right now is shaking a bit...it's been up 15-30 % over the last few days...and now there is a potential game changing vote on Thur that could drive FAZ below that 18 support.

Anyway, short covering should get us back into the 6's, and maybe a quick parabolic move to 7 again, at which time I'll take profits. Will also sell my calls at that level, and most of my fas shares. Will keep 30% of my FAS shares in tact for a unlikely mark to market suspension and subsequent HUGE FAS move of 100% or more...and a target of 10-11ish.

[Corepuncher]

Covered all FAS positions today. Made 20% just today...and 60% over the last 4 days. I in turn loaded up on FAZ and SDS late today (when will I EVER learn!).

I have almost made up for riding FAZ down from 41 to 20. Whew!

[JTH]

Covered all FAS positions today. Made 20% just today...and 60% over the last 4 days. I in turn loaded up on FAZ and SDS late today (when will I EVER learn!).

I have almost made up for riding FAZ down from 41 to 20. Whew!

\

CP I'm glad to hear you're making a recovery from your FAZ. This baby has tested my testicular fortitude

[Corepuncher]

Went all in FAZ today. Bought 3 times as it went down last buy 15.59. It would SEEM like a low price anyway...

I figure at the very least, the broader market will top out soon...and retrace. If we just went back to 800, that would be a 5% move down, and FAZ would likely rise > 15% back to near 18, which was that consolidation range previously.

And...all takes is one bad piece of news to get the shorts back into financials. I'll try to hold FAZ until I get a good profit. May become difficult if we rally too much more, as I could risk a margin call since I am margined. Come on FAZ!!!!

[Uptrend]

Good going corepuncher! I also bought FAZ today near the open and got hit fairly hard, but holding on. However, I expect a rebound soon. Take a peek at my reasons over in technical analysis.

[Corepuncher]

My average FAZ buy price is 16.83.

I was looking at May and July 17.5 and 20 calls. WOW! I can write a May 17.5 call for about 4 bucks! And a JULY 17.5 for almost 6 bucks! Crazy! And that is from a starting price of 15.60 (friday close).

Look, I can literally write calls against my FAZ for a JULY strike of 17.5. I will make 600 bucks per call, AND, gain on my shares from 16.83 up to 17.5 ! Amazingly, if I do this, it will totally recharge my account to a level higher than I started with. That is CRAZY given that I was down 56% a few days ago. If I do this, I wil literally be UP like 20% !!!!!!!!!!!!

I do believe FAZ will start going back up. My target levels are:

16.6, 18ish, 22.48, 24, 25, 35, 45.

I believe we will almost CERTAINLY see 18 again. If we hit 18 next week, I think those July 17.50 calls could sell for 7.50!

Now, JPM and C report just 2 days before April options expiration. BAC Monday after. take that into consideration if you are doing April.