I changed my mind....

Three European banks (DB, UBS, BCS) have stopped making new swing lows, and in some cases are making new swing highs. After reviewing this, I have changed my mind and will replace the FAS sell order at 12.65 limit with 19.65 limit. I need to work on holding a piece of my position for larger gains.

I believe that a majority of the current pessimism towards the US financials is related to European sovereign debt issues. If some of the European banks have stopped going down, then the pressure on US based financials might be easing a bit (at least from this catalyst). There are other numerous other issues for US based financials, but we might see decent bounce, especially if the Europeans can setup that $3-5 Trillion dollar fund.

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***