Sold some FAS, Monday 10/17/11.

Yesterday I was pretty bullish on the financials based on numerous technicals that I monitor. My only caveat was if European sovereign debt concerns began to mount. Well this morning, Germany shot down a swift resolution to the crisis. So at 8:01am, I changed my FAS sell from limit 13.65 to limit 12.45 and was filled at 12.50.

I am still long 2 lots at an average cost of 10.30, and am bidding for a 3rd lot at 9.35 and a 4th lot at 8.35. In all, I can work up to 6 lots.

This article on the risks to France's AAA rating caught my attention tonight.

 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***

Articles of Interest, Sunday 9/11/11

I believe that the news flow for financials continues to be poor, but not poor enough to suggest long term buys are in order yet. I will continue to trade the financials from both sides, until i believe that a longer term bottom is being put into place. In my view, that may not occur for another 6-30 months (yeah, that's a large window)!

German dissent magnifies uncertainty in Europe

French banks poised for Moody's downgrade

BankAmerica to layoff 45,000

Disclosure: Long FAZ.
 
***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***