I should of accumulated below $20. A war is in the brink very soon. The bankers and the Wall St. whores will make it as an excuse to sell off realy hard. I should of looked 2-3 weeks from on where FAZ will be at. I truly believe FAZ will be trading at $50 before end of SEP 2009!. call me crazy, call me mad - but it is where she will be marching to.
Today I went long at 19.55 and set a order to double up if it dropped below the day low which at the time was 19.31. At 19.30 the very order I set sold my shares because I set a sell order and not a buy order, Err. took a break then got back in at 20.33. Sure wish I had bought more at 19.30 instead of selling what I had. UG. well I'm in and ready for this market to roll over.
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.