My thinking is that both the long ETF funds that I've watched have had two days to break to the upside and keep bumping against a ceiling. The longer this goes on, the greater likelihood that people will cash out and put that money to work somewhere else. One bit of bad news sparking selling is all that is needed. But right now, its support and its resistance are pretty close together. I'm holding FAZ and TZA overnight. SM
Yeah, what ceiling are you talking about? M,Tu,Wed of last week was 3 straight down days, followed by 2 bs days. Monday was up 20%, today nothing. The ceiling is another $2 higher....
Exactly, the market was lower and moving down for three days, then we had one up day, then today it went nowhere because it couldn't...it was bumping its head....We're at the ceiling. That tells me the market's proper place is lower, because it can't go any higher. You're seeing same glass, but you think its half full, and I think its half empty. Guess we'll see. SM
There's no ceiling here, if you're going by HH,LL,etc. The only technical analysis that can be used here is financials at the bottom of a channel, going up on lower and lower volume. That means that the upswing is kinda done here. BTW, I agree with you - I'm STILL short biased, but I don't see how you get to the "ceiling" statement.
Well I am in FAS at 9.93, it bounced down to 9.85, came back up to over 10, back down and looked like it was on it's way back up slowly. As I write this it's down to 9.83 @ 3:50pm
I do. We're looking at totally different timeframes. I'm talking about what has happened in the last week or so. The ceiling I"m referring to is just the last 2 days. The graph you're showing is for the last few months. Here's another graph..."midterm"...food for thought....this is TZA, so up is down, etc. (Deleted) You can see what I think will happen next. SM
From people's experiences, do after hours trading and pre-market trading offer a good glimpse of what will happen during the market session? FAS is down a lot after hours...
BoA raised $13 billion in new shares sale. For those of you who held FAS overnight, it may pay off in the morning... renewed confidence ??