FAZ set to go higher - but can't explain today's action
Banks will soon sell off due to new Congressional legislative curtailing banking activity and massive debt building in Europe, and U.S. But today's (Faz) trading activity makes no sense since the market has been down pretty much all day, yet Faz is also down.
Not sure why we are being punished, when the market is weak, but I do know going forward a 10% to 15% correction is coming and very soon. FAZ along with SKF should do very well. I also like DRV since commercial real estate should also tank, as lending drys up and interest rates rise later this year, early next.
Look for FAZ to be in the $16.60 to $17 range come Monday/Tuesday next week and continue higher into the hot, dry summer.
With all the things going wrong in the market today this really makes no sense. Wait until the real truth comes out about the oil spill and the first hurricane hits and the oil is all over inland and .....it is only going to get worse.
classic wall street. Report comes out reforming the way to do business(nobody likes change, no matter how small) and they spin it out as a positve. Then come monday or Tuesday, we will start to hear how negative the bill is for the banks and how it will take away profit and the financial stocks will come down. Buy the bad news, sell it a day later.