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Yup ATM! I flipped 2X today once for .07 and once for .06 slim but worth it now waiting for buy in for Monday I think I am going to hit it now at 4.76
This is it fails here and it ugly IMO
DOW in big trouble here looks like it might give back all of yesterdays gains
And what did Buffet say yesterday ;)
LOL...$5.60 is agressive but i am trying to give Ricky a chance for once to be right.....
No..its checking the top when it fails it will be down down down from here
Ricky ricky your bull banks are RED yet again.....keep dreamin my friend....
FAZ is very cheap here, $5.60 EOD
You were wrong twice today with me....Like I said Ricky watch and learn instead of hanging here telling people who know what they are doing how to play this you should read....you look like a fool... i am just saying.....
Oh yhea I am learned just got my reload at 5.03 and now its back up to 5.18 or so at least
There it is!
Yhea just missed it 5.05 was the bounce
I am watching.........looking for that V
Keep watching Rookie
$5.03 re-load????
LOL watch and learn Ricky.....Banks are RED thats not strong....FAZ will be green shortly
Here comes the 900 test......doesn't hold IMO
Here comes the RED Banks
!! this will set off a nice slide to 8200 then 7800 on the DOW IMO
Looks like you were dead wrong Ricky
They are dumping everywhere look at the DOW...Dump prop dump prop the line chart is a mess
Looks like the markets will close RED today, 15 min is looking ugly for em
Credit-Card Charge-Offs Surpass 10% In May -Moody's
11:17 EDT Wednesday, June 24, 2009
DOW JONES NEWSWIRES
The annualized credit-card charge-off rate broke through 10% during May, according to Moody's Investors Service, the first time in the more than two decades the credit ratings company has tracked the measure.
Also, the measure of credit-card loans deemed uncollectible as a percentage of loans outstanding hit a fresh high for the sixth-consecutive month, rising to 10.62% in May on an annual basis from 9.97% in April and 6.41% a year earlier.
Credit-card operations at many banks are vulnerable as the unemployment rate has mounted amid the recession.
Bank of America Corp. (BAC), one of the nation's largest credit-card providers, saw its charge-off rate climb more than two percentage points from April, said Moody's.
Moody's senior vice president William Black said Moody's expects the rise in charge-offs to slow in coming months, though it continues to predict a peak of about 12% in the second quarter of next year.
The delinquency rate, or payments more than 30 days late, fell for a second consecutive month, to 5.97% from 6.34% in April, with a seasonal boost thanks the to tax-refund season. Moody's expects the rate to resume climbing.
But payments also slid for a second straight month, to 16% in May from 16.2% in April. Payment rates are likely to "remain soft" partly on lower purchase volume from consumers who use their credit cards for convenience and pay their balances each month, Black said.
-By Tess Stynes, Dow Jones Newswires; 201-938-2473; tess.stynes@dowjones.com
Be afraid be very afraid....good luck in that long position....hope you can pull the triger in time when the implosion starts...Take a look at the news and the state of things my friend smoke and mirrors there will be a recovery just not yet........
Keep fooling your self Ricky.....The Koolaids to the left..LMAO
DOW had a spinning top today just like 6/19 let hope for the 6/20 follow up Wed nice red bar.
LOL...easy lost money there....
Who's ready for the DOW 8200 close...uh uh...who???
That was todays market rally...down down down now
8200 coming on the DOW Tues and I bet it breaks right through
Here is the article, like I said its the MID bear...these guys are just speculating. How ever we can watch the MWN Thurs and see what effect if any it has
Direxion issued a press release noting that it was conducting a one-for-two reverse stock split on for its triple-leverage ETF called the Direxion Daily Mid Cap Bear 3X Shares (NYSE: MWN). We have actually been waiting for the exact same news, albeit on a larger reverse split scale, on the financial triple-leverage ETF’s and ETN’s. We feel this needs to occur on the Direxion Daily Financial Bull 3X Shares (NYSE: FAS) and in the Direxion Daily Financial Bear 3X Shares (NYSE: FAZ). These other two ETF’s track the Russell 1000 Financial Services Index with triple leverage, but they are much more volatile because of the derivatives and because there are too many variations in the NAV versus the actual share price at certain times of the day. The low share prices also allow even the smallest of fast money traders to get in and out with too little skin in the game.
Right at the peak of the selling when the “FAS” shares were so low, we thought that Direxion was going to do a reverse split for “FAS” at that time. A spokesperson even said that was under consideration, but the market rallied so much that it kept this from being a large call. Having 300 million shares trade in a $3.00 ETF is rather misleading when you compare share volume and dollar volume.
What is interesting about this particular reverse split is that the stock price is high (north of $30.00) and the share volume is not that great. The Direxion Daily Mid Cap Bear 3X Shares (MWN) has seen only 135,000 shares trade hands today, yet the average volume per day is less than 70,000 shares.
The FAS is under $9.00 now and the FAZ is barely back above $5.00, but the 52-week lows for these were $2,32 for the FAS and $4.18 for the FAZ. The FAS has traded roughly 168,950,000 shares as of 3:00 PM EST and it usually sees north of 250 million shares trade per day. The FAZ has traded 165,333,669 shares as 3:00 PM EST and it usually sees north of 200 million shares trade per day.
In our opinion this was the right move by Direxion. It was just in the wrong ETFs as the FAS and FAZ are much lower priced and hyperactive for share volume because of excessively low share prices.
We’ll be outlining this in full detail tomorrow and ahead of time to our open email distribution list. We have many more ETF’s from other ETF and exchange-traded product families which we think need to pursue reverse splits, and even a few we think need to just go away entirely.
Hopefully, this is the first of many reverse splits from the world of ETFs to trim down at least some of the trader volatility in these trading instruments. This appears to be the first reverse split in an ETF on the NYSE that we have seen. Whether it is the first or not, it is not likely to be the last.
Jon C. Ogg
I think he is mixing it up with the Mid Cap Bear (MWN) fund i see nothing for FAZ
This will trigger mass seliing tommorrow to when the peeps see their ports tonight
8200, and I have a feeling its not gonna hold 7800 next stop
Should close HOD here and move AH too
BAC might lose $12 EOD
BANKS getting dumped last hour here....
Not the big picture though, small part....
Did anyone see the massive Volume on the DOW at the open? 200M Someone left the room before next week.......
Let them believe cause the door is only so big when they all run to it in the coming weeks ....check the charts trouble is a brewin' for the markets. Next week looks real RED
FAZ is down because the FINS are up...nothing to do with the DOW...do some reading