Financials, keep on going

This post is just to vent. FAS is trading north of 5.7, I sold mine for 3.7ish, thats 2 points I missed, or more than 50%!! Tried calling the bottom, did a very good job (a little early), but then I did not have the balls to ride them up. Guess it is hard to have confidence in this bear market. I should work on that!

Selling

I am selling half of my first batch of financials for a slight loss (UYG). My overall position is in the green, so I want to reduce size. Hopefully I will be able to sell the rest of UYG for a slight profit by end of day and I will have my FAS left at an average of 2.74

XLF

XLF is now down 84.5% from its highs. This is the only thing that comforts me in my position. Still hoping for a bounce, my plan is to sell my first entry in UYG close to break even. Hopefully the market gives me this chance.

Financials

Bought some FAS at 2.98, will this be the end of me? One more purchase, FAS below 2.7.

Edit: Probably should've entered lower, my UYG to FAS convergence was off. FAS < 2.95 would have been the appropriate entry.

UYG

Since XLF has hit my target area, I am starting a position in UYG at 1.77.

I will add more < 1.6

Very speculative.

Financials

Further downside possible. And right after I post this, all banks are up a few percent due to government plan.

SKF


XLF


GS - H&S if resistance holds

Fincials Gone Wild

Financials have ran up so much that they have run out of steam. Lets take a look at the S&P financials.



We could very easily test the new lows.
I managed to make some money today shorting Capital One Finance, it looks like it has more room for downside.



If you short now, you can easily cover some at 45, then at 42 before it possibly finds support at 40.