24 January 2009

Fozzie's Back in the Portfolio

Fozzie (FAZ) returned for another visit to the portfolio on Friday. I sold him out on the 20th for $82.87, but brought him back in from the cold for an average cost of $61.92.

Below is a chart for FAZ. You should note how popular this 3X-levered offering has become over the last eight trading days. It's also showing some intriguing volatility, enticing to the short-term trader. Its inverse ETF, the 3X Bull Financials (FAS) is also trading quite heavily as of late. I'll write here if I find the right opportunity to swing trade it, but for now, I'm still more comfortable putting money on the short side, even considering how low the financials have fallen.

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