Direxion Daily Financial Bear 3X Shares Message Board
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FAZ PPS CUT IN HALF in 6 DAYS ...
May 1st high $8.79 to Friday's close $4.43 ... RIFIN has regained essentially 84% percent of it's 52 week high, how trading about 125 points under. Is it really that positive out there for banks? Has the Russell Financial 1000 truly regained more than 80% percent of what it was worth 52 weeks ago? This is remarkably "oversold" by any measure and shows only that the panic cuts both ways on nothing but fear. Fear of being left out and well as fear of not getting out. Reality always returns and it will to the financials, the banks have not been fixed over the last 24 hours. Fourteen days ago the IMF stated that banks will see $3 trillion in losses and if you think that has been resolved with the flip of a switch or a made-up Report Card your dead wrong. Sentiment Disclosure: SMART MONEY BUYING!
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No disrespect but hasn't the smart money been going short and their covering is what keeps fueling the market. Looks like new shorts are now in and will they be the same as the last. Who knows? We shall soon see.
- 1 Reply to sorry4mypastlife
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I believe we have been seeing rather significant short covering, so I agree with you. I also believe we are seeeing some money moving off the sidelines. It is so typical, people see these bounces, call their brokers and say ... "I'm going too miss out ... get me in!" and they get in usually about 20% percent too late! Of course the same people call their broker back when the market retreats 30% and say ... "Get me out ... I'm done ... sell everything!" I believe that is exactly what we are seeing. Personally, I would not sell a single FAZ share. This is a classic bull-bounce in a bear market.
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Bear Market Rally almost over. Nasdaq is rolling over. Dow and S&P will start this week.
- 1 Reply to yomattus
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These financials are SO overbought.
http://www.businessinsider.com/henry-blodget-merrills-rosenberg-goes-out-swinging-just-a-suckers-rally-2009-5
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