Direxion Financial ETF - 6/1

S

scot.mcpherson

A new week. FAZ gapped down for me over the weekend. The Dow Jones gapped up to 8600 ? What the hell is that?

I am just going to hold FAZ for today believing it will start to climb here soon after the morning weirdness is over.
 
Bought RFN instead of FAZ this week, long just 150 shares in my IRA @ 9.56.

Sold the rest of my FAS shares at 10.70


Financials are TOTALLY OVERBOUGHT
 
Quote from RobtF:

Do you thinks it's wise to hold this 3X ETF over weekend - for me it is a trading vehicle.
More...


It depends, the quick and easy answer is No, however the long answer no trade is any different really than another. It's all about what you think is going to happen. Do I have the best position right now? No, but I am already here, so do I want to sell the low?

It "looks" like FAZ has hit today's floor, but we'll see.
 
How do you guys see today shaping up? A rally into the close, a sell off so we fall back below the 200 DMA on the S&P (928). I could use some insight, I like bouncing ideas off people....helps in putting thoughts together. Insights will be appreciated. Please try and associate good logic and evidence into your insight, Thanks

EKO
 
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