Yeah, that FAZ trade looks good for a few %. I'd put up a chart to show what I'm seeing, but I'll be damned if I can remember how anymore. I have Quotetracker, and I know you need to right click on it and take a snapshot, but I'm clueless what to do from there.
Jeeze, bought FAS once again at 7.71. I started a thread in the software forum so I can post a chart showing why i wasn't convinced that this downturn was a true reversal, and not just a retrace. I'll post it later when I get the info.
Uptrend - higher lows, higher highs - was never broken. I see the area inside the circle as noise. ETA: blue lines mark lows, green marks highs. Chart is a constant volume bar chart, using heikin-Ashi mod, and 16 million/bar.
No kidding. Even though I'm up, I thinking of getting out due to the price swings. There's some biiig farking orders coming through! 500k. 700k. 900k. 1.6m.....
Yeah--annoying, I just BARELY got stopped out of FAZ at 8.90 or so, but then got back in when it broke 9.40. Check this out: I've found that this past week the direction of momentum into the close has always been very indicative of the future performance of this ETF. I'm usually very hesitant to hold overnight, but the fact that it broke out at the very end on high volume (12 million, which is 33% more than the 2nd highest volume of the day), makes me feel more comfortable about it. We might even see a large gap up tomorrow. Regardless, I can't stand this chop so if I see the profits I'm going to take them. I ended up losing roughly 2% today unfortunately...I really need to take my profits earlier when they are there. Hard to not get lulled in by the chop in this ADD market.
don't get fooled, that $13 FAZ was an anolomy and higher highs with FAZ only occur with extraordinary downturns, don't use it as an indicator of good things with this ETF, that was a great exit point only. The time to buy FAZ is in the afternoon when the market is in a super upswing for the last 30 minutes of the day. You can usually get on board within say 15 or 20 cents of the bottom, and then get out the next day quickly after the morning bell a slurp a few quick percent that way. The day that FAZ climbed like that and opened at $13 was a great ride, but its not going to happen again very soon. Might have steady growth if the market goes back into a bear market market with all the bad news coming out, but its bias is definately downward up to this point though.
Two people will look at the same chart and interpret it very differently. No one is looking for another gap up to 13, but go examine volumes and momentum upon closes. I expect FAZ to probably open higher and spike briefly in the morning at which point I will get out until the trend confirms itself.
Tha'ts not noise, that was the result of a bad GM announcement, among other things....if you check out google finance and lookup .dji (the dow jones industrial average on google finance), you get neat news markers, and you'll see the news that caused the immediate down turn. It screwed me too, because I had FAS at 7.02, and should have gotten out at 8.25 or better, but I held on because it "would" have continued on to 8.50 if not for the bad news announcements. At least I think that's what would have happened. Ah well, its all good learning. Remember, get out while the getting is good, unless you have an AWESOME price.