Direxion Daily Financial Bear 3X Shares (FAZ)

[Islandinthesky]

I am in the red with FAZ because i bought in the 30's. Ouch. So I might sell for a loss b4 the m2m meeting and by FAS to make back some of the gains. After that I would buy FAZ again when the financials top out.

At least that is my thinking based on sentiment however I am not as optimistic as the market is right now. A couple weeks ago we heard nothing but doom and gloom, and now many analysts and traders say this is the bottom? I don't trust it yet. We need to test recent lows to confirm a bottom. If the m2m meeting goes to vote and passes as planned, we might see a small bounce followed by a selloff.

The one thing that always traps new investors is the phrase "buy on rumor, and sell the news". If this happens then the market would sell off thursday or after.

Why would it be different in this case. Everytime I get too optimistic (bullish), reality sets in. I guess I am on the fence.