Yep. But it's still being fought. I expect choppy action. EDIT: cuz DOW is at 8100 now, so expect resistance there too. But I'm in FAZ@8.17.
Well I got out of faz at the wrong time yesterday, and I am afraid to get in the market right now cause it's "in the middle" and could go either way since, yes the trend appears down, but its also Friday, and the market "tend" to grow through friday, and we haven't gone all the way down either, unless you believe we are in a true bull market in which case the bottom was hit this morning perhaps. But it appear indecisive to me and too "in the middle" EDIT: I meant Bull market, I corrected above.
I will probably make my decision about today later in the afternoon about which positino to take, if the market climbs today and holds above the previous close, I will go all in on FAZ for a weekend hold. If the market hold at or below previous close, I will probably stay out of the market all together. If it bottoms out, I'll probably take an FAS position, because when bottoms are hit hard or when tops are hit hard, the day of the week seems to matter much less and getting a good price on FAS for a few day hold seems to always be a good idea...at least since march 6th. FAS, so long as the price is good, its not a matter of if you'll make money, it's a matter of how long are you willing to wait to take your profits. FAZ, it's make sure you have the best price and get out as fast as you can, because unless you get really lucky with a severe market down turn, every day you are loosing money. Even when the market was a bear market the overall bias of FAZ was still down.
Yeah, it's still a little "iffy". I have a HL and a LH - equilateral pennant. But since it came in from below, I expect it to go higher - 65% confidence. ES however, is clearly in a down trend. Of course this means nothing about what's coming.
We have semetrical triangle developing on both FAS and FAZ, its going to break one way ot another here soon.
Since our stress test result comes out on Thursday, I guess the market goes up today, and we sell it next week.
Good observation. I sold already for 2%, but I'm still bearish here. Gonna wait for a another entry in FAZ.
If you look at the longer term chart from march 6th to today, the price of less than 8 for FAS looks like a good multiday day price. Might dip further today or monday perhaps, but for a longer hold I think below 8 looks like maybe a good bet.
Due to price decay, I wouldn't use FAS/FAZ charts for more than a few day's look-see. I'd make those kinds of decisions off of the XLF. And then relate it to a FAS/FAZ buy.
This is looking like it may return some big $$$$$$. I bought a 1/2 size FAZ at 8.35, will add if the shit hits the fan later.