Yeah but that's where the "and climbing" part comes in. It might not be an arrow hitting the target, but it's climbing steadily. Much to my chagrin I might add.
I may buy into FAZ and actually even another bear direxion ETF called TZA at the end of the day and hold overnight... there has to be some kind of sell-off happening tomorrow; of course I have nothing substantiate that except my "feelings"
Start thinking about overnight holds closer to the end of the day. We still have 2 hours left and a lot can happen. Volume indicates that neither FAS or FAZ are priced right.
LOL. I bought a few June FAZ 6 calls just for the hell of it at .40. The bid's at .20 right now.:eek: Glad I did that just for the hell of it, and didn't throw all my eggs into THAT basket. But I totally agree with the other comment about financials be totally overbought. At this point I'd be happy if those calls just got back to break even.........
Well looks like you are in 12 cents profit at the moment now , I am still in the hole, but the hole is getting smaller now.
The crappy thing about that is that there's 2 ways to interpret decreasing volume. 1- just like you're implying. That the up swing in financials is running out of steam. or 2- that volume is decreasing as it approaches the resistance level, and will pop through for a breakout.