I gave up on FAZ today (January 18th), selling my whole position at 31.07 per share (bought at 34.19). Including commissions, this was good for a loss of 12.63%.
Since the day I bought it, FAZ has been telling me I was wrong — the opposite of what NOK has been telling me. So I sold FAZ and put the money into more NOK.
I bought 14 units* of FAZ — Direxion Daily Finan. Bear 3X Shs(ETF) at 34.19 per share. I feel pretty good about going short financials for the year and this is my first investment in that direction. It might take a little while, but I think the positive outlook on the economy going around right now is nuts. Time will tell of course.
*Units: Units are not equal to number of shares. I won’t be disclosing real dollar amounts or number of shares. I’ve chosen a random number to represent 1 unit and I’ll record all of my transactions converted to this measure and rounded to the nearest whole number. This will allow me to share position weighting without disclosing specifics.
