The reason I was holding is once this market does change direction the market will open and FAZ will be up 5 bucks. once it's up 5 bucks I won't be buying it.
I am going to short FAS after the market crosses 10k and the lies stop.
This economy is not good. way too many people out of work. The banks are not being truthful with what their REO's are. I know this for a fact their REO's the write-offs are MASSIVE. Maybe they will never come to light who knows. Anyways, I tried to grab FAZ twice, cost me a buck each time.
I can say this to the longs, I would not hold FAZ down more than a buck because of decay. If you are in FAZ over 30 I would get out, it is near mathematically impossible for FAZ to ever go higher than 35 again ever and if it did I would short it ASAP just like I am going to do on FAS when we top out.