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Direxion Daily Financial Bear 3X ETF Message Board

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  • hugh_looser hugh_looser Sep 17, 2009 10:26 PM Flag

    I took off my $21 sell order

    You are mad and crazy. There is definitely a change in the air as this market climbs higher and higher, but the volume of FAZ will not be as telling as the volume of the banks themselves. GS Calls were selling at a premium all day long and outpaced Puts in volume by a decent margin.

    This market will turn when Bennie and Timmy say it will turn and right now the earliest date for that occurrence looks like October. It is looking like tomorrow could be volatile and Bear friendly along with Quad witching taking place, and I hope anyone in FAZ that can make a trading profit does so tomorrow, but the trend isn't going to turn into a full blown head for the hills retrace just yet imo.

    If it makes you feel better I hope you are correct with your analogy because I would profit with my Bank and Tech shorts if the market goes into a death spiral plunge (as would be necessary for FAZ to get to the level you suggest), but I'm not going to get giddy until GS shows definitive toppiness - and going by the trading action through today's session that possibility hasn't revealed itself.

 
FAZ
12.09-0.23(-1.87%)May 1 4:00 PMEDT