I was fortunately able to get out of my FAZ position (out at @29.36) which was deeply underwater when the markets opened. I suppose today's pullback was pretty predictable - so much bullishness, but at the end of the day, it looked for a moment that the bulls would regain some ground.
I'm embarassed to admit, but I was hoping to make a short trade out of FAS at the end of the day, but I was just gambling and so I deserved the beating I received. The last few minutes were especially painful. I didn't have a good feel of the market today at all, and I should have stayed out. I have no idea where we are going, and the sudden shifts of momentum in the financials are astounding. If you're on the wrong side, you get run over.
Well - I live to fight another day.
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