Helluva day

Reality returned to the slotmarket today. After going up 4 straight days last week I was just waiting for that correction and boy did it ever correct. In just the last 2 hours the DIJA fell 176 pts or 2.38% from the high of the day pretty much straight down. I had ten trades, most of them were 800 FAZ and only lost on 4. I was able to keep the losses small: $60, 108, 56, 84. But had to endure one draw down of over 1K before FAZ turned around and the rest was history. Winners: $168, 1552, 372, 460, 1336 for a total of $3580 trading FAZ.

The real miracle was the recovery of my SRS debacle from last Wednesday. I had to suffer the pain of a nearly $4k draw down last week but I had faith that the bottom isn't in yet. I bought 400 more @ 70.40 and sold all 800 @ 72.24 for a profit of $1451. Total take on the day $5030 which is a new one day record.

These triple inverse ETFs are not meant for holding long term or even overnight. I just got damn lucky holding them but that was not by design but purely accidental.
I will not hold them overnight in the future as they could gap on the open by $10 or more either way up or down. It is just way too risky in the current environment.


Here's the screen shot of the last few trades: