I have been doing a lot of soul-searching about my trading rules lately, because so far this year, I've been doing a lot of running in place (racking up profits, seeing them whither, and then repeating).

My three trading rules have been up for a long time, but there are a couple of things that bugged me about them. First, there were some new rules which I really wanted to integrate, since I felt they were important. And second, I ignored "the only exit price is a stop price" rule so often as to render it a farce.

I have therefore updated my rules and expanded the list to seven. Take a look and let me know what you think.

As an aside, one critical new rule for me is with respect to sizing, because that's where I screwed up with FAZ. I normally have straight equity positions sized at about $10,000 each. I went ape-sh*t (errr, let's call it f*cktarded instead) with FAZ and bought (hanging head in shame) $150,000 of this crap among three different accounts. That. Was. Stupid.

Sure, if FAZ had a FAS-style day today, it would seem great, but missizing like this is lunacy and very damaging. Never again!

I look forward to hearing what people have to say about my updated rules list. It's very important to me.

Can you believe that, just one month ago, FAZ traded for $115? It nearly went into the single digits today. Down 41.2%! I felt sick selling it at $14, but that's precisely what stops are for: getting you out when it hurts, before it hurts even more!

Those of you long the financials had a fantastic day (or should I say FAZtastic?) My IRA was the only one of my four portfolios to bask in the glow of today's insanity; it climbed about 8% to a new record high.

My hedged portfolio had dozens – and I mean dozens! – of short positions blown out, but it edged down only modestly. My uber-bearish personal portfolio looks like it got into a bar brawl with a dozen angry bulls.

I note with some interest that the /ES spiked up to a high-probability retracement level from the land of 2sweeties.

It's the end of the trading week, and it's been a doozy. Last Easter, I made a remark about the "Jesus-like resurrection" my portfolio was going to enjoy (which it did), but I got some fundamentalists freaking out at me, so I'll avoid comparing my equity positions to J.C. I can say, however, that last spring was a massacre for me, whereas this time I'm handling the updraft far, far better.

I am getting ready for a five-day trip and – – I mean it this time!!! – – Slope is going to become the Slow of Hope. I cannot keep up this pace while trying to have a vacation. I'll do a post before I fly off in the morning, but remember, it is a trading holiday (thank goodness).

I am not touching FAZ again………..ever…………but I am shorting BAC at these levels.

Well, as rotten luck as I've had with SRS, I took a fresh look at URE, and I like what I see. I know it sounds ridiculous, but it also sounded ridiculous a few days ago when I suggested Capital One Financial (COF) as a buy. Anyway, for what it's worth………..