I had the same idea, consider you are virtual trading this lottery ticket for the rest of us. I think your entry is good. As long as they don't go BK or get delisted. If its gets delisted, you are probably doomed. Sell at $8.00...
Interesting comment about market dropping look at BSC and LEH.
If I were the OP I would only trade in the direction of the trend, may cut down on whipsaw.
"Many brokers and financial planners are advising investors not to panic. They point out that most of the securities are issued by high-quality issuers, so the chances of defaults are slim. "
famous last words.
This site has some helpful and simple explanation of exotic bets.
Ironically you can't trade this if you are from the US. This is probably considered gambling by the govt. that knows what is best for America. What a f**ked up country.
http://www.betsfortraders.com/help/binary.html...
Was looking short, I believe Citi upgraded them. So I faded the beak up, who knows if the financials have bottomed. I don't have a long term position in XLF. I was surprised how low it went. 52 week low 22.29 :confused: