I don't plan on keeping Fozzie Bear in the portfolio for long--I'll put him up for a few nights, let him clean up a bit, and then send him on his merry way into someone else's (presumably) short-term trading portfolio.
But then a bear market rally, as shown in the following chart, forced me to hunker down with Fozzie and his collection of groan-inducing Vaudevillian jokes.
And here's the chart of FAZ:
I closed out my position in FAZ based on several factors: 1. RSI(2) and Full Stochastics suggest FAZ is extremely overbought; 2. The news of Britain's bailout of RBS provided an opportunity to sell on the news; and 3. Re-balance a portfolio that was 100% short and looking greedy.
So how did holding shares a good month longer than I desired turn out?
Sold 170 shares of FAZ at $81.10 and 200 shares at $84.38 for an average sale price of $82.87. The cost basis was $51.26. That works out to a gain of $31.61 per share or 61.7%.