After bashing and making fun of FAZTARDS, I'm joining. Just for a trade. If i'm a bagholder it will only be for 1 day. But banks are due for a pullback before they continue their march right on up to record levels. Nobody can argue that. I think after that huge day we had Friday, Monday could be our "consolidation" day for financials. I've got a small position. Anyone else finally buy on Friday?
Q: when do the futures start on weekends?
I think you are correct. GS and BAC turned over and BAC indicated that 2nd half profits would be hard to come by since their earnings were artificially boosted by one time gains. They actually lost in the US.
Real investors are supposed to exclude one time gains/losses when looking at the overall picture. Was BAC so deceptive that this wasn't known until the press release after hours Friday?
Thinking that banks will "march to record levels" tells me you have ZERO clue about the environment.....
The lending landscape isn't going to return to the historic silliness of 2001-2005.
Banks are currently topping and they will start to trend lower as the free money and accounting gimmicks vanish......
The bullishness and negativity surrounding this name tells me we're in for a nice pop to 40 or so over the coming weeks....
Wow i hope u are right! Financials start to fall and it doesn't end Monday, I'd love to ride FAZ for a while. I remember this ETF last year. It was amazing. People who held FAZ and SKF became yahoo gurus and multi-millionaires. I want to be a guru, too! So, I'm calling for a bank pullback starting Monday. Mark this post. Friday was a capitulation day for the upside, now reason and logic sets in.
If i'm wrong, I'll get out.
Ya maybe so. If I need, i'll sell and jump into FAS or even AIG, FRE, FNM premarket. If you are right.
I just know that someday soon this ETF will jump 20-40%. They will call it a "healthy pullback" on CNBC and Bloomberg. Then it will go back down IMHO for the rest of the year. I wanna be holding FAZ when that moment happens. And then I wanna jump to FAS when its over.
All I know is I don't feel confident holding BAC, C, FAS over night anymore. Its like a roulette table that has hit red 21 times in a row and you are still betting red for the next roll.