4/20 Day/Swingtrades - FAZ

After the buying spree last week and today's gap open downward, we may drift sideways to down until the stress-test results are released. I wanted to be positioned for any further weakness so I pretty much stayed with FAZ all day. In addition to catching a couple intraday breakouts, I picked up shares on the break of the narrow range early on. After locking in some profits, I moved into May 12.5 Calls which were asking $2.00. That's out-of-the-money and a bit of premium but there's plenty of time before expiration and I want some downside protection in case the setup fails and FAZ gaps down on me. Looking at the 30-min charts, this same pattern played out on Monday - 3/30 but FAZ could not sustain the momentum the following days. The difference today is that there was much more volume.