FAZ - I picked up shares as FAZ broke above the moving averages which also coincided with the Dow going negative. Stop was placed at 48.80. I took partial profits near the top of the first spike which coincided with a fib retracement. I closed out the position later on as the RSI showed overbought conditions. I should have used the MAs to trail my stop, which would have kept me in the trade for that explosive move to $54+, but the conditions were a bit too choppy today.
GS - As the market averages continued to weaken, I picked up some GS Feb 110 Puts as it broke below of the narrow range/support area around 88.00. I took partial profits @ 86.11 as the RSI indicated oversold conditions. I was later stopped out of the remaining position as GS rebounded late in the day.
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2 comments:
nice post.
FAZ 55.
GS FEB 80 puts.
go team!
Swinging the downside makes more sense in this tape. Politicians are dragging their feet with the stimulus proposal. Good luck!
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