i took some profits on fas pre mark at 7.01...... will reload when we challenge 6. i got in on wen on that pullback , looked so coiled then i saw the big open candle with a huge blue V spike,... like u needed to lock something in. i hopeing for some swing on fri. want a fresh entry... will not chase
check out the $RIFIN on stockcharts.com (which is what I use). Nice trend line / channel on the 60 minute chart. couple of things of note:
1. It's losing momo - pretty clear. Is it a bullish consolidation? twt
2. The lower channel line (starting March 9th is currently at about 495 and rising fast - ie currently 3% downside (9% on FAS).
3. Upper channel is 13% above - big move in FAS. Seems a bit too aggressive on this move without seeing Q1 earnings and more importantly, commentary and trends in delinquencies etc
4. Game plan. wait for a trend break on downside before getting aggressive short, watch for bullish break out on triangle forming on 60 min and play for a move upo towards middle of channel - this might happen towards month end. And maybe wait to short that spike if it comes.
meanwhile keep lots of cash - this is too uncertain, could go either way. I sold FAZ for a small gain - only position I have is short AXP from today. Tight stop in place.
dude M2M is already in the price, it helps but does not stop the economy suffering from a consumer lead lack of demand and rising unemployment which will cripple confidence... sorry, wish it was different but this has a long way to go before it is resolved and cosmetic changes such as M2M will only go so far.
wait for JPM below $25 before being long FAS is my advice, we are in a confirmed bear market until the longer term trend changes, so until that time the way to trade is to sell rallies and wait for severe oversold and very cheap valuations before going long. Anything else is wishful thinking.