Replies to post #219 on Direxion Daily Technology Bear (TECS)

[Bill de MT]

Funny you should mention this.... No, I had enough of a beating in this and the other one. Finally sold at the open this morning for two of the worst losses I've ever had outside of pink pump and dump scams. Should have sold long ago.

I agree with you that we won't see a big pull back until after the election. This market goes up on good news (economy is improving) and goes up even more on bad news (economy isn't improving thus QE3). Even with overbought signals and low volume, I think we're going to see some serious upside. Normally, I wouldn't sweat taking a beating in a stock because I know when that the market always reverses and I just need to average down and wait it out. However, these ETFs suffer from serious decay from contango. Even with a gigantic pullback, these will never bounce to where I need them to go. So, I'm out- wiped out a year of patient trading gains. Oh well.

SWC, on the other hand, broke through it's 11.30 resistance this morning and I'm back in there.

Good luck. I'll never touch an equity tied to an index again unless it shows a direct and proportionate correlation to the index. This just trends down no matter what the VIX does.

[Bill de MT]

Actually, it isn't TECS I sold this morning. It was VXX and TVIX. Doesn't matter- I won't touch TECS again ever either as it's tied to a tech index. AAPL may very well be consolidating for the next leg up which will wipe out TECS.