Wednesday, March 11, 2009

DOJI like Patterns On FAZ and SKF




Went Long FAZ at 53.44. Good cost basis and now let's see what these markets wanna do. Not liking the bullish side now.

10 comments:

psy said...

thanks for the charts. FAZ looks like an inverse head/shoulder on the 5 min today.

Stewie said...

yes.

sJ said...

Are long FAZ over-night or was for day-trade ?

Stewie said...

hi SJ: i had 400 FAZ from 53.44 a and sold 250 shrs at 58.2 and i kept 150 for Over nite hold(ONH). dojis on indexes so we'll see if we get follow thru to the dwonside.

sJ said...

holding any 3x over-night is a risky play...good luck swing trading it..

Stewie said...

thnx SJ.

Greenlander said...

I like this play. I sold my SKF puts this morning and noticed quite a bit of wkness in the fins today. I entered some QID but will look at maybe some in the money SKF calls/ FAZ if things look wobbly.

Conversely, SPY, XLF and UYG printed black reversal candles. They are extremely reliable at the end of an uptrend when short term overbought.

Stewie said...

greenlander: i am with you 100%. it's as if you are reading my mind right now.

Greenlander said...

Surprising day today. I shouldve dumped right after the open but waited to midday to cover.

Still think tankage is possible but lots of resistance levels broken today.

Stewie said...

yea. i got out of my FAZ long this AM in premrkt with a small gain and looks like that was a good idea. The bulls are controlling things now. need to respect their power here short term .

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