Land, I am, but you were right that I was too early. In the last couple years, this is a market that loves to gap up or gap down in the morning. So I've learned--perhaps incorrectly--to build positions early to capture the move. However, the strategy works when there are other compelling reasons to justify it. In this case, the strategy was to build the position in 1/5's with the intent of holding no more than 30 percent in the trade. I'm now at 4/5's with an average of $6.49.
I'm sorry I mentioned FAZ at all. I'm making a new commitment not to trade this kind of vehicle except under the exceptional conditions. This is not one of them in my opinion. There is a reasonable probability I will exit with a small gain. It wasn't worth the trip, though. There is a far better way to trade.
My commitment is to lay out that strategy and to model it.
Ted
News 
Market Data 
Discover 
