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Direxion Daily Financial Bear 3X ETF Message Board

  • spearchuckerparsons spearchuckerparsons Mar 23, 2009 7:16 PM Flag

    I need good sound advise please.....

    I bought FAZ today a little after 2 pm, 1000 shares and saw it tank and picked up 200 more shares close to closing to see that fall too. I own 1200 shares on the average price of $24.26 per share, so I am down 20,86% or $7590.00 on the trade.
    It is in my IRA, and I cant believe the day I get in thinking the market was too high, this FAZ is down over 40%. It could only happen to me, the friggen day I buy it it tanks.

    So heres where I stand. I think that the market will sell off this week some time and give me a exit price at or above my average price.

    Any thoughts?

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    • My advise: Get out of FAZ first thing at opening tomorrow. And then seek re-entry after it drop to about $15. This time do it right: Enter 200 shares at $15. If it drop to $12 enter another 400 shares. If it drop further to below $10, then enter another 600 shares. Then hold your 1200 shares till you see 20% profit.

    • My advise: Get out of FAZ first thing at opening tomorrow. And then seek re-entry after it drop to about $15. This time do it right: Enter 200 shares at $15. If it drop to $12 enter another 400 shares. If it drop further to below $10, then enter another 600 shares. Then hold your 1200 shares till you see 20% profit.

    • If you didn't get out in AH, I'd put a stop on it at $17 - your risk is another $240 - and see what happens. Just to let you know, there's still upside to these banks. I'm not the best chart reader in the world, but the way I figure it, BAC's next resistance is at $8.63, which is up 11% over today and it's next support is $6.25 which is down 19%. I think it'll go to resistance before it slides to support. JMHO.

      • 1 Reply to gregmyers2
      • If all you are doing is day trading financials (which should be the primary reason for FAS/FAZ holders), rebalance your portfolio. Sell 50% of current FAZ value and put in FAS and sell some covered FAZ calls on the rest. Whilst this a neutral move in terms of positioning, it will give you enough time to catch your breath, see which way the market is trending before closing the losing position and letting the winning one ride (hoepfully much higher).

    • Faz won't go up till you get shaken out.

      Resistence is futile...you will inevitably sell at the low.

      If you keep holding and turn a blind eye...it will go down to a buck.

      Sorry to let you know these cold, hard, facts.

    • Great thread!

      I'm laughing at all of you!

    • Same thing happened to me last week. I bought at $34 and in 2 days it was below $24. I bought more at $27 and then sold out at $29 with a $4,500 loss. If I had held till the next day, I would have made 3k. I am back in today at $22.86 and I'm going to hold till $26. My advice to you is hold unless you are on margin. I really feel that tomorrow we will get a surge to 25-26, hopefully. Once I sell this I'll keep a close eye on FAS for the rebound. LOL

    • Hold on to it. You'll probably be able to at least get out at least EVEN or close to it tomorrow as the real problems of the plan are focused on.

    • put a stop there, like 18. if down to there, ready jump off the boat. I think small rebound like 10%~15% is very likely, just take it easy.

      next time, put a stop loss, you will not be caught big and you do not know how to handle it

    • I'm not a licensed financial advisor, etc.- but I'd say you're fine. I've been in and out of FAZ over the last month. Made some ridiculous trades in it (meaning the kind you shouldn't do)- but they all ended profitably. I bought some today at $27ish, then averaged down a bit at $24. I won't add more unless it goes below $15. My advice- hold on, don't read these boards for anything other than entertainment, and yeah- like the guy somewhere above me said, "Hug your wife".

      mission-trading.com

    • "heres where I stand. I think that the market will sell off this week some time and give me a exit price at or above my average price." That is what you want to happen, you have no idea what the market is going to do. The full weight of the U.S. government is on the side of proping up the banks, a short position is irresponsible.

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