Direxion Daily Financial Bear 3X Shares (FAZ)

[realfast95]

the greek 70% is known, MF Global sold the greek bonds to George Soros at a major discount

[steelpiston71]

ISDA issuing a credit event on a 70% Greek Deal would be a negative event. ISDA not issuing a credit event and having a series of MF Global's blow as their CDS's become worthless, would be a negative event.

[Cooky]

Played the bounce, it dropped below the bolly band...good for a quarter or more on the pullback.well see

[CJAKE1]

FAZ will get some back before close. Most won't be long FAS over the weekend

[realfast95]

This is a good story to watch for FAZies

http://finance.yahoo.com/news/12-Banks-Are-Being-siliconalley-2806271544.html?x=0

12 Banks Are Being Investigated For Allegedly Manipulating Rates Tied To $360 Trillion Worth Of Securities


Switzerland's competition authority is investigating UBS, Credit Suisse, and ten other financial institutions on charges the companies manipulated the London Interbank Offered Rate (LIBOR), which is used as an index for $350 trillion of swaps and $10 trillion of loans.

The Swiss authority, COMCO, said member institutions colluded on their submissions to the British Banking Authority, to move rates at their discretion and possibly sell products with that knowledge.

"They tried to coordinate submissions," Head of Unit Financial Services at COMCO, Thomas Nybegger, told Business Insider. "This coordination can go in both directions, so you can try to coordinate that way, that LIBOR will rise, and you can also collaborate in the opposite direction.

LIBOR is the primary benchmark rate for most short term interest rates, as well as longer term rates for mortgages and corporate loans.

The benchmark is set every morning at 11 a.m. when the British Banking Authority asks member banks to submit the rate they perceive they would receive if they went to another dealer seeking funds. Banks are not supposed to see other contributor estimates.

Bids are processed by Thomson Reuters, which excludes the top and bottom tails — roughly between 40 and 55 percent of the contributions — to come to the interquartile mean. Submissions are then arithmetically averaged to create the base LIBOR quote, and then translated for a number of other currencies.

COMCO does not yet know what products were sold on the LIBOR movements that potentially benefited the institutions.

"We think that independent of the direction to which LIBOR rates will move, you can sell products to your benefit," Nybegger said. "But how it really works ... on products like their derivative credits, we don't know yet."

The Swiss investigation follows similar moves by European authorities who have also launched probes into products linked to interbank rates.

"We are taking these investigations very seriously and are fully cooperating with the authorities," Torie von Alt, a UBS spokesperson, said.

Other banks named in the suit include the Bank of Tokyo-Mitsubishi UFJ, Citigroup, Deutsche Bank, HSBC, J.P. Morgan Chase, Mizuho Financial, Rabobank, the Royal Bank of Scotland, Société Générale, and Sumitomo Mitsui.

Credit Suisse and Citigroup declined to comment.

Representatives from J.P. Morgan Chase were not immediately available for comment.

Switzerland is also investigating similar alleged collusion on the Tokyo Interbank Offered Rate.

[realfast95]

I agree he is bad for banks. However since they deflected (stock price) his latest housing proposal, where is the negative drivers?

European problems are the best short term opportunity for FAZ.
That will come Monday with Greece. Bears will try to add more countries comingto the table with their hands out.

[CJAKE1]

realfast95 Okay. OBama good for FAZ. If banks perform poorly. If the economy is stagnant. Gas prices stay high. That's gonna get OBama re-elected??

[realfast95]

Not likely before May. If at all. If the job numbers continue, he doesn't need a war to win re-election.

[CJAKE1]

realfast95 ISREAL bomb IRAN?? IRAN blockade HORMUZ??

[realfast95]

Yup FAS broke through going to 96.52.
The only hope for FAZ is a European problem.

[CJAKE1]

Cooky You may get FRIED. The MO is ^^^^^up

[Cooky]

I am going to take a little position here 26.19....just can't help myself..

[CJAKE1]

Remember, We can't be long for LONG Right now, we better be short

[CJAKE1]

Lebaneseproud Thanks! Something to consider. If Iran blocks the Strait, Things could get really bad. They would have to move or get shot out of the water.

[Lebaneseproud]

I dont think so and when Israel attacks Iran which i predict will happen within the next 3-4 months, world markets will be shaken by the ramifications

[CJAKE1]

Have O'Bama's Good influences run their course? Actually, it seems that Europe caused the dampening on FAS. If Europe gets its self in order, OBama may be a non factor.

[CJAKE1]

All know better.Can't be long...for LONG

[CJAKE1]

Looks like FAS is in favor. Romney will likely be the nominee. FAS may stay in favor. When THE EU decides what's up, FAS will fly^^^^

[Cooky]

Come ride the slope's with FAZ....Weeeeeee

[canestsal]

SDS is similar to FAZ, another ultrashort for the S&P.

[canestsal]

Lots of negative pressure on DOW.

The last four sessions, the $SPX has reversed direction during the day. Lots of selling pressure. The market may be changing direction, which would be good for FAZ.

[Crazy Money]

You are such a meanie Nitwit

[Crazy Money]

Fazzzzzzz...

[Lucky_Charm$]

When are "earnings reports" done? tia

[Lucky_Charm$]

Whatcha think of FAZ making its turn-around this week?? Seems to be real close imo.

[Porgie Tirebiter]

Or until earnings pass.

The markets tend to be driven by fundamentals during earings season. Although the fundamentals are good, the lack of volume indicates a lot of people are still skeptical.

After earnings reports are done, RIFIN will go back to being driven by headlines. And you will be able to judge it's direction by how many times Greece gets mentioned on Bloomberg and CNBC each day.

[Lebaneseproud]

Market meltdown coming in 2012, FAZ will triple from here imo

[varnith]

Seriously and next time when you're coming up with examples for entrepreneurs who keep jobs in America, don't use someone who is well known for exporting jobs by the thousands overseas...to sweat shops.

I wonder when this low volume rally will top out. Seems to me they are gonna drive the indices up until buyers come around before they let it leg down again. Or until earnings pass.

[realfast95]

Obama very good for FAZ

[Porgie Tirebiter]

Sold my JAN 50 puts today. Made far more money on the protection than I did on the FAZ shares when I sold them.

[Porgie Tirebiter]

BAC meets and MS beats. I think the futures are over reacting. FAZ will open down hard right around $30, but I'm thinking it will rise all day long.

[Fed Up]

Come along 30 and load 'em up?

[Porgie Tirebiter]

WFC is a 64% larger component of RIFIN than C is.

So looking at futures, I'm thinking these two are going to cancel each other out in regards to moving the index.

[realfast95]

Citi misses with .38 vs .49, WFC beats by .01

[realfast95]

Well Asia is down and the futures look good for FAZ. Obvious market manipulation by the US to make the Europe downgrades on a US holiday weekend.

[Porgie Tirebiter]

While the top line disappointed, JPM did meet earnings projections with 90¢ per share. It trades with a P/E of less than 8. Not sure how this can be interpreted as a bad thing.

We have six other big components of the RIFIN reporting next week: C, WFC, GS, USB, BAC, and AXP.

I wonder if it is worthwhile noting that RIFIN started the last earnings period down around 620 and peaked near the end of October at 760, or right about where it is now. It's also worth noting that FAZ bottomed out at around $36 then, and bottomed out at $31 when RIFIN touched 760 on Thursday. That's a 16% loss in three months.

[tom favata]

The time to get in is now I loaded the boat yesterday and some today. The correction is coming and earnings is next week for the financials Jp missed and its just the beginning of the books being cooked...

[varnith]

S&P Downgrades France

cnbc.com

[varnith]

XLF gapped below the lower trend line.

Looks like the down trend is starting early.

S&P- "Some Eu downgrades imminent"
JPM misses on revs
Fed weighs on QE

[deadjim]

action today and next week???? hope so. need some fun

[realfast95]

JPM missed....

[thumper1]

bot faz today..im ready for the fall 31.8

[realfast95]

Banks had been selling in earnings news, JPM begins Friday.

[jsc52033]

Yesterday I went with tza at 23.65 then added again today at 23.76. All cash in now I see Vix as about to rally which should be bad for stocks.JMO

[Porgie Tirebiter]

I'm looking for somewhere below $30 by next Friday. RIFIN is just touching it's 200 day at 760 this morning. I'm not big on technicals, but I think it's reasonable to spend some time above that line; after all isn't that what an "average" is all about?

Also 4Q earnings will be offsetting some of the headline effect that RIFIN has been subject to for the last six months or so.

[varnith]

Im targeting $28 or better on FAZ. If XLF gaps up tomorrow, it will cross over the 200SMA and break out of an ascending triangle plus there are developments in Eu.

Just hoping anyway.. Let the SPDR rise a bit more. The bigger they are, the harder they fall.

Central Banks Printing Money

[rocco2]

faz 33?, guess i was wrong. i see no support. look out below. wish i shorted faz at 80 double top 8/8/11 10/4/11 hine sight :{ chart showed it, i did not read it! hope i learn from it!!

happy trading

[MB3]

Afterhours FAZ at $32.50

[Fed Up]

Porgie:

Great Call....Thanks for the help!

[jsc52033]

Porgie you were right. I do have an order in to sell TNA. looks like time to switch. May be a day early. Looking to do either faz or tza.