POSITION UPDATES: $TZA $QID

With the futures looking slightly higher this morning it is possible that both TZA and QID may threaten our stop levels. For those of  you that may be new here, we normally do not use hard stops. If at all possible, we like to use some discretion so as to not be taken out of otherwise good positions on random noise, or on extreme moves at the market open. That said, as a trader you must have a point where you will limit your loss and not let a trade get away from you. In regards to TZA, we have already taken nice 12.53% swing profits on half of our position and our stop on the remaining shares is near $16.70. Having taken our position at $16.43 we will still be profitable should we be stopped out. As to QID, we took the trade at $16.29 and our stop is fairly tight near $15.55 so should we be stopped out here the loss would be modest.  We will try and let these trades play out through the first half of the day and see how the markets plays out, but remember to have an “uncle point” where you will close out your position. We will update as necessary or put out an alert should we decide to close any of these trades. Be careful out there.

-CJ

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