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Thread: Corepuncher's Account

  1. #41

    Join Date
    Mar 2009
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    24

    Default Re: Corepuncher's Account

    well, I went on vacation and came back to see my calls sold with their limit orders.

    I had 1 order to sell a May 20 FAZ call if it hit 4.10, and another order to sell 2 May 30 FAZ calls if FAZ hit 18.00....it hit 18 and it went through. Made an instant 830 bucks! whoohoo.

    Looking to buy more FAZ on any weakness.

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  3. #42

    Join Date
    Mar 2009
    Posts
    24

    Default Re: Corepuncher's Account

    Quote Originally Posted by Corepuncher View Post
    well, I went on vacation and came back to see my calls sold with their limit orders.

    I had 1 order to sell a May 20 FAZ call if it hit 4.10, and another order to sell 2 May 30 FAZ calls if FAZ hit 18.00....it hit 18 and it went through. Made an instant 830 bucks! whoohoo.

    Looking to buy more FAZ on any weakness.
    Well, I'm out of money and actually had to find 500 bucks to add to my account because it went under the min balance! Ouch.

    That 830 dollars I made by selling 3 FAZ calls sure was timely...it helped bring my average buy price from 16.83 down to 14.04. Still, that is like 35+% up from here just to break even! I guess I'll just wait now. I may buy my calls back for 235 bucks (last print) and turn around and sell July or October calls for a higher premium.

    My last prediction of FAZ getting back up to 18's came true. Now, I'm looking to 15 as the next big resistance level. Of course, all it takes is one bad apple in financials to rock the boat.

    I feel like Thur was a capitulation day for FAZ. Look at the volume RELATIVE to the previous volume bars:

    http://stockcharts.com/charts/gallery.html?faz

    HUGE spike in VOLUME, 55% higher than any previous bar!

    NOW, look at XLF and FAS:

    http://stockcharts.com/charts/gallery.html?xlf
    http://stockcharts.com/charts/gallery.html?fas

    Notice how, while decent volume, it was nowhere close to making a new high, let alone exceeding it by 55%! It is for that reason that I hope (and pray!) that FAZ has bottomed. I wouldn't mind seeing a slight dip in FAZ in the pre hours or open on Monday, followed by a reversal. Perhaps we will stabilize here in the 11-14 range before something comes along to break us out. I am not giving up hope yet!

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  5. #43

    Join Date
    Mar 2009
    Posts
    24

    Default Re: Corepuncher's Account

    Taking an epic beating on FAZ. Had to deposit more money in my account just to keep it above the minimum required.

    I don't want to sell FAZ right now. Today's volume was even greater than on Thursday...although the stock moved much less down. If you took that to the extreme, and you had huge volume and the stock ends flat, that is a pretty good indication of a balance and possibly a floor. I think we are close to a floor in FAZ, but what do i know...I"m broke.

    Going to add the required funds to my account and hope FAZ can hold here. I WOULD sell some longer out calls, but it locks up my shares and I won't get the money for a long time.

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  7. #44

    Join Date
    Mar 2009
    Posts
    24

    Default Re: Corepuncher's Account

    Sold some FAZ at 11.31 and planning on buying it back on a dip.

    Remember...the absolute numbers don't mean anything. Look at the past FAZ chart. Look at it in terms of multiples off the bottom.

    For example, FAZ opened at 60 and hit 201 during the Nov. panic. That is a 235% increase.

    FAZ went from 32.5 to 88.67 in January...a 172% increase.

    Then, the March panic...FAZ went from 37.8 to 115....a 204% increase.

    Now, we hit a bottom around 9. Lets just say we have a 235% increase to match the November panic.. That would be a move from 9 to 30.

    So, ASSUMING 9 or so is the low this time around, even in a big panic selloff, the most you might expect is 30 out of FAZ. Say we go down to 7 before we go up hard again...the target is now lowered to 23.45.

    Depressing if you bought high and held. Triple leveraged ETF's will always lose value over time, so be careful. Learned the hard way, now I know.

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  9. #45

    Join Date
    Mar 2009
    Posts
    24

    Default Re: Corepuncher's Account

    Bought FAZ this morning at 8.09 and sold at close for 8.30. Wow, I actually did a good trade!

    Also sold a few May 7.5 puts for 1.00 this morning when FAZ was near it's low. Hoping the market is near a top, and thus they will expire.

    Here is FAZ vs. the XLF. Note the ranges they are in. A conservative downside target of 10.40 on XLF gives a value of 9.44 on FAZ for a selling point, although it may be more like 9.25-9.50. I think 10-11 could occur again as well if the market retraces to lower 800s and XLF in mid 9's.



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