Trading Update, Thursday 9/22/2011

My profitable exit order was hit yesterday for the FAZ at 63.65. I considered getting longer on a move above the high made on 9/20, but decided against it as the there wasn't enough of a pullback on the daily chart to justify the move. There might have been enough on an intraday chart, but I was focusing on the daily.

This morning in the premarket, I purchased 1 lot of FAS at 10.52. I am currently looking to exit this lot in the mid 12s. If the FAS moves against me, I will get longer. I still have 5 lots left to purchase. I don't believe that this is the big long term low that I have been looking for in the Financials, but I will get longer at predetermined levels if it goes against me.

Disclosure: Long FAS.

***remember this is an illustration of what i am trading and my thinking...it is not a recommendation for you or anyone else to buy or sell this or any other security...trade at your own risk...my positions my change at any time without notice***