The original risk on FAZ was 22-cents/share and the gain was 31-cents/share for an overall gain of 1.41-times-risk/share. This is a good result considering that the anticipated down-draft did not materialize.
We are out on the sidelines with a small profit and able to view the situation without bias.
It is a good exercise to look at a chart and pick the spots where a trade may be warranted.
The Market Vectors Gold Miners ETF (NYSEARCA:GDX) is marked up with that in mind:
Chart by TeleChart
The purpose of the mark-up is to show that until GDX exceeds one of the two range boundaries shown, it is in the middle of a move and indeterminate. Once it is outside of the boundaries, then it can be analyzed to see if an opportunity exists.
There will most likely be some kind of volatility tomorrow (Wednesday) and then possibly more on Thursday during the Fed announcement at 8:30a.m. EST.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.