Same divergence we saw yesterday. I think the move will be on the downside for the day unless some "better than expected news" shows up again
What do you consider divergence? FAS/ES were both making LH,LL. No divergence there. But ES was down while FAS was still up. That's not really divergence, I think, but just financials doing better than "the market". I look for divergence/convergence in the DIRECTION that they're moving, focusing on the whole HH,LH,HL,LL scene.
I was referring to when FAS was lagging to the downside when ES was already dipping. But now, FAS has caught up...which was what I stated as the eventual down move unless good news shows up. I basically typed that initial response late...which can cause the confusion
Man I wish I didn't blow my day trade yesterday, I would have loved to hop onboard FAZ this morning, but I didn't want to get caught out and loose everything I gained because of no available daytrades left.
Yeah!! It's a small size though, cuz this is purely speculating that the "market" and financials will "sell the news" later today. AND...I really don't do options. But I'm interested in starting to use them for longer term market direction calls that limit my downside. I'l prolly get ripped for this from an options trader, but I'm regarding options as a leveraged stock long/short that has a really big bid/ask spread. But jeeze, it's up 90%....
Yeah, I thought about that, but wanted to get something real cheap. Like right now, the bid's @ .27, up 12 cents from my buy. Doesn't take much to make a big % gain. You can just about stumble into a good gain from this level.