I'm done, bought @ 18, 16, 14, and today at 12.10.
$30,050.00 in this puppy, 2000 shares at $15,025 a share.
It's my hedge, can sit there for years waiting for that very rainy day/month(s) in the markets.
I understand the decay principle.
Yes this is the crack cocaine of the stock market that can produce major losses or gains in a blink of an eye.
If one plans to hold FAZ or FAS for longer than a day then one should be intimate with all of the major financial institutions and their daily charts...daily!
Also, one should stay close to this chart.
IMHO you should wait until DJI hits 11200, then go all in
Here's my trade on FAS last year around near this time:
05/01/2009 15:26:58 Bought 14700 FAS @ 7.78 -114,373.00
With ETF, I think the real benefit is in the long run, look how much house money I have to play with now, after I sell FAS in a week or two.
Wit ETF, I think you should look at trend lines and fibonnaci retracement level, I think FAZ will get into the 8s range, just like FAS did last May.
Good luck. just IMHO
I hear ya suntz BUT, I didn't but at higher levels, 80, 60, 40, 20, I waited patiently for 18 before I bought my first 500 shares and that at 16, 14 and today at 12.10. It's hard if not impossible to get it perfectly (by the bottom), I'm comfortable with a $15.20 average.
One thing I won't say is that I bought at the bottom, this could easily continue to fall. At the first hint of trouble though (whenever that might be) it'll run like wildfire. I'll need that to counter my losses that I'll be receiving in the rest of my portfolio.