Tuesday, November 25, 2008
Fidelity and Financials EFT (XLF, FSRBX) in Retirement 401K Account Investing (Profit Taking)
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Fidelity and Financials EFT (XLF, FSRBX) in Retirement 401K Account Investing (Profit Taking):
(Read brokerage account trades made today below. Added in afternoon)
At close of Thursday November 20, 2008, we wrote that we were entering a position in financials EFT by buying shares in fidelity select banking fund (FSRBX). The details of this are in one of the posts in this blog on Thursday Nov. 20, 2008.
As close of Nov. 20, 2008, XLF was in the 9.20s. Our target of XLF at $11.75 area has been reached. Since there might be a retreat before the market closes, we have hedged the retirement position in a brokerage account.
The current plans is to cover the hedge at the same close as when we take the retirement position off (probably at today's close).
Our hedge was initiation with XLF at $11.95 (shortly after today's open this morning). It is always possible that XLF finishes higher than our entry price today but it is is less likely as we forecast a resistance at around $12.00.
The returns on this position are about $2.70, which is about 28% (28% according to trading accounts but my calculator tells me it should be a bit more than that) return on our retirement account position.
Not a small feat in just less than 3 trading days!
TRADES IN BROKERAGE ACCOUNT:
We made the trade as per image attached. THREE LONG NDX TRADES, and TWO SHORT NDX TRADES SO FAR. All are profitable. A sale of a QQQQ PUT is long NDX. A buying of a QQQQ PUT is short NDX. You can pin point the time on an NDX chart given the time stamp attached.
2:28PM: with NDX at 1131, we closed the last long NDX qqqq trade established about 2:15PM.
3:05PM: with NDX at 1148, we are going short NDX.
3:23PM: NDX is now at 1138. Since we have other matters to do and cannot watch it, we will take the profits off. Profits are 10 NDX points for this last trade.
To your profits, and long live the blog!
(Read brokerage account trades made today below. Added in afternoon)
At close of Thursday November 20, 2008, we wrote that we were entering a position in financials EFT by buying shares in fidelity select banking fund (FSRBX). The details of this are in one of the posts in this blog on Thursday Nov. 20, 2008.
As close of Nov. 20, 2008, XLF was in the 9.20s. Our target of XLF at $11.75 area has been reached. Since there might be a retreat before the market closes, we have hedged the retirement position in a brokerage account.
The current plans is to cover the hedge at the same close as when we take the retirement position off (probably at today's close).
Our hedge was initiation with XLF at $11.95 (shortly after today's open this morning). It is always possible that XLF finishes higher than our entry price today but it is is less likely as we forecast a resistance at around $12.00.
The returns on this position are about $2.70, which is about 28% (28% according to trading accounts but my calculator tells me it should be a bit more than that) return on our retirement account position.
Not a small feat in just less than 3 trading days!
TRADES IN BROKERAGE ACCOUNT:
We made the trade as per image attached. THREE LONG NDX TRADES, and TWO SHORT NDX TRADES SO FAR. All are profitable. A sale of a QQQQ PUT is long NDX. A buying of a QQQQ PUT is short NDX. You can pin point the time on an NDX chart given the time stamp attached.
2:28PM: with NDX at 1131, we closed the last long NDX qqqq trade established about 2:15PM.
3:05PM: with NDX at 1148, we are going short NDX.
3:23PM: NDX is now at 1138. Since we have other matters to do and cannot watch it, we will take the profits off. Profits are 10 NDX points for this last trade.
To your profits, and long live the blog!
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