We = me and anyone else that is willing to extend Fintas that courtesy.
That may be tough for some people to do when they consider that what started with this:
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bearishness from 12/21/2012 at SPX 1430 that goes on and on and on, March, April, May, June, and July, all the way up to 1680 (twice), if you can believe it, further extends through August, September, October, November, December, January '14 and February, up to SPX 1840, at every point of the way.
Fintas will tell you about his core long. He very specifically said keep one if you have a low cost basis. He NEVER once suggested that anyone BUY a core. In fact he arrogantly ridiculed people that were buying at every step of the way from December, 2012 throughout all of 2013. Since he was writing calls against his core long, in a bull market, the stocks got called.
What worries me about Fintas' own financial health, and anyone blindly following him, is that he decides on a course, down in this case, over a year ago, for other than technical market analysis reasons, some kind of perceived fundamentals, and then stubbornly sticks with the course, regardless of what the market does in the meantime and improving technicals.
He employs a Martingale gambling system to "size" down. Really it is just averaging down, the worst thing that you can do with SPY options that are loaded with a very expensive VIG and have a very definite time limit. He does not use stops. He rode DRYS long from 6 to less than 2 and BAC long from 15 to 5 in 2011. Then, along the way, he borrows money from people at 10%. Probably not a course of action that "most" want to get involved with.
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