**click for larger chart**

Sold the FAZ at 58.68 this morning. 51.88 to 58.68, 13%. I would have sold yesterday but I was away from the computer.











On the sell I was mostly just watching XLF tick with 5 minute candles. The selling of the financials was pretty heavy right off the open and I wanted to make sure I got the best exit on the down leg. I wanted to wait for just one green candle on the five minute and a strong bounce off the top of that green candles wick. I wanted to wait for the bounce because a lot of times a stock will print a green candle and keep diving. I didn't want to miss a lot of profit if the financials kept plunging. I'd rather miss a point of profit but be sure it bottomed. Finally, there was a green candle (right before 10 a.m). It was a green hammer which can usually be a strong indicator of a bottom. It was a short bottom this time and I got out as soon as it made a good green move above the hammer.


full disclosure: no position in FAZ, XLF