Trading update, Tuesday 10/4/11

Yesterday I edited my FAS entry order for a second lot, such that I got filled at 10.55 around 8:01 am. I got filled on a third lot at 9.35 just before the market closed.

I had an entry order for a fourth lot at 8.35, and today's low was 8.43, so I just missed that one. I am currently long 3 lots at an average of 10.32, just above the 10.16 after hours close.

I am currently offering 1 lot at 11.65 (just below the declining 20ma), 1 lot at 12.65 (just below the last daily pivot high) and 1 lot at 15.65 (just below the high of the current daily range dating back to mid August).

The FAS is still in a downtrend, but if it begins to make higher highs and higher lows, I will consider holding for a longer period of time. I have no problem building my position back up if the trend appears to change from down to sideways or up. A move tomorrow above today's high of 10.30, would be a sign that the selling pressure might be over, at least in the short term.

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***