Well I wasn't expecting FAS to open high this morning. I am staying out for now, but I wonder if anyone held either etf over the weekend and what they are looking for in this week's market.
Yeah, pretty surprising pop here. I guess due to the BofA news. Anyways, I'll take one for the team and ask the question. [dork] Hey,do you guys think the market will be up or down this week?[/dork]
Well, FAS is near it's previous support levels before the crazy high week during the stress test announcements, so I think we'll see the previous steady bull market we saw before then, but I am uncertain. If FAS had opened lower, I would have bought it. Starting out this high is a good sign, but also means I could be buying a top, so that scares me.
All indications appear that it will be up. But this rally doesn't smell right. Currencies and metals are not reflecting it's move up, and that makes me nervous. I would expect significant euro appreciation, yen weakness and gold strength. But today gold sold off heavy, the yen has been marginally weaker (a week ago this would have resulted in AUD/JPY going through the moon) and the euro is still scraping the 1.35 mark, whereas a week ago that would be over 1.37. I smell a rat.
As in "irrational". But lest we forget, this "irrational" behavior can continue for a long, long, long time. Any shred of news that is spun positive is sending the market up. It just wants to go up.
LOL "ARCA Stocks starting with the letters D through F are currently unavailable for trading due to technical problems at the exchange." Guess that includes FAS/FAZ huh.
See but now we are stuck here, hovering at 9.67 or whatever...This is why I didn't get in yet. I also don't think anything is smelly, we are back within the channel that has been developing since march 6th, the two weirdo peak weeks aside.