That's good. Right now you should be re-evaluating the FAS buy, unless you're thinking an overnight hold again. FAS made a LH,LL - down trend after 2 days of decreasing "up" volume. ES/SPY made a HH,?? - will it also turn into a downtrend?
Well I honestly think that today FAS is going to hit bottom for the week, I think it's going to close down or somewhat sideways, and that will set it up for gains on thursday and friday. I am just looking at the charts to make these determinations. Can't really do fundamental analysis when so many underlying assets are the basis for the stock's value. All you have is the market trends to guide you I think. At least for me. I am not sure what the relationships are between a stock and it's futures/option market, I couldn't use that as an indicator, especially since both in the last FAS peak and this last week, you have all said that the future/options have major divergence from the stock. Anyway, I am just saying I don't trust that, at least not yet. The charts don't lie, and all the anomalous behavior in this ETF pair has been due to exceedingly good or bad news. So I am not sure what technical analysis of the ETF itself is a bad thing for an ETF like this.
I have a meeting in 8 minutes, and I want to stay here and watch what looks like a position opening up. Excellent timing
I wouldn't touch anything right here. just released the FED minutes..... expect insanity for the next 1-2 hrs.
It's not as crazy here in the futures world. Its bad news, but you know how they always get spun as "better than expected". The FED is basically just backing up on the green shoots craze.