I think 665 on the RIFIN will be top, and will settle lower in our favor by closing.
Of course, this *is* a guessing game. It's impossible to predict what 1,000 financials ranging from regional banks to REITs to global insurance companies are going to do at one time.
But 665 is really pushing it for a recession along with record mid 30 P/Es.
If you are a bear and still want to play the short side of the market, buy today. (When to buy is your own call.)
If you don't even take a short position today, you'd better quit shorting the market altogether, because opportunities like this does not come around very often.
My sense is, a lot people on this board should not short the market at all. Period.
Good Luck! And it is just money, don't make rush decisions under stress.
The historic high for the RIFIN is 749.71. That was when it was brand new and it opened at 749.71 on 06 November 2008.. right before the November crash. So with the RIFIN at 662, it is 11.69% off it's historic high.
The historic low for the RIFIN was 351.49. It closed there on 06 March 2009. So today, it is 46.9% off its historic low.
GS is running 13% off it's historic high of $190 and some change, and it has a P/E ratio of 37.03. Compare this to the Technology sector of 23.979 as of right now. Or compare it to the lowest priced sector of Energy with a P/E of 10.248.
Now... I hate FAZ... with a passion. I can't stand this ETF. It's a dead decaying rotten horse.
But it's being watched like a hawk by the SEC, so it's playing at it's best behavior. The numbers are reflecting this.
My money is on... Man I hate saying this... My money is on FAZ.
I bought today I didn't go all... just wait. Good luck and hey I got in @ $38.50 and 42.50 if I'm wrong and the dow goes up 10000 or 11000 you can tell me how crappy of a trader I am.