This is like the 3rd FAZ crash this year. 107 to 50s... 50s to low30s/hi 20s and now 24 to 10 in less a week. I hate FAZ.
Look i had this thing where i was trying to get out of this FAZ and place emphasis on long puts on FAS. Too late... Anyway, I said in a previous post weeks ago that this rally could find the S&P back to 1050. Before another wicked crash... which apparently might not come until next year...
So, i have no choice but to leave things as they are...
My NOC may puts are dead at this point. i actually let this position ride after selling half the original entry... which actually profited itself for the whole position. Not a lot of $$ but any $20 that turns into $120 in a few days i saw was worth it.
As for my TAN long... it is up huge from a few weeks.
I have a bunch of stuff coming up... a buddies wedding... and just completed 3 weeks or so of my voluntary work making sure a bunch of people were reached with something important which ended April 9. How is that for timing. Anyway, i sit here massively short and whacked.
And i filled an extension for my taxes. It will be $$$$ for me later for my European trip. So, in the end things arent that bad. I truly regret going against my own advice to my co-worker, "If you buy a block of FAZ make sure you buy some puts for insurance." I basically got greedy and went all in... dumb move yet again...
I should truly have an account that goes to $0 and yet it keeps making a come back... That is the Street for you...
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