04 March 2009

Portfolio Changes

I picked up some shares of the 3X-Bull Financials ETF, FAS, throughout the afternoon at an average cost of $3.77.

Why did I go long on the downtrending financials?

First off, the chart below shows the oversold financials trading at the lower end of its channel:

Second, I've said several times that I wanted to swing trade the FAS/FAZ duo, and today's market provided a decent entry point. If XLF trades toward $7.50 over the next few trading days, I'll be happy to unload the FAS position.

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