Was looking at some etfs today and noticed that SKF is pretty low. I shorted it around 200 and did pretty well. Now I was thinking about buying some up, but still believe the general trend is up. Not to mention I don't buy on instincts alone. So has anyone else bought any? What were your reasons if so?
I think 45 is a sell area on this bounce.. definitely 50.. Needs to consolidate and regroup like it did in December.. which may lead nicely into coming earnings season AND known late April, early May selling season. This info potentially terrible for your account though...
That's what I don't get. People talk about FAS / FAZ as if they were stocks. Concepts like charting, support levels, volume, etc don't make sense for these on a day to day basis IMO.
So then what's your view on support/resistance for Dow, S&P, Nasdaq, etc? Personally, I don't see much of a difference, since they're all just baskets...
I think there is a difference. They track the underlying stocks. SKF doesn't. It tracks double the daily inverse percentage change. Plenty of people have shown that the ultra and triple inverse products don't track the underlyings over time. I guess the other side of the argument would be to say that people trade off the technicals of the SKF,etc and that becomes the tail that wags the underlying dog.
That makes good sense. Maybe about all you can use would be intraday technicals then, since they are rebalanced every day to the underlying?