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Anyone still watching this one? It looks like a bull flag or pennant formation which is extremely bullish. There could be another big spike up soon, imo.
Do the opposite of what everyone expects, imo.
Good evening all. Fas should trend higher since it hit and closed at a recent high the other day, even though the market sold off today. Does anyone see fas filling the recent gap it made first before going higher? That would put us at either thursday or friday for another move.
Just curious on anyone's opinion on that.
If this rally lasts through April to the 24th, what price could FAZ be at that time. Low 2s? That would probably be a great buy. I am surprised this thing is trading around $10, down from $115. Crazy.
Have a good weekend.
Man I wish I sold yesterday, and bought fas!! but I don't have margin capability so I could only sell a portion today to keep from getting a trading restriction.
I feel like a traitor because I joined the FAS group just now. But I will be back to faz as we near the end of earnings this month. Good luck everyone.
Looking for a good exit point. The dow looks like it is headed to 8250 next week.
I can't decide whether to sell or not. GS looks so overbought right now, as does the Dow. I am sure that if I sell, the FAZ will go right back up because I wasn't patient enough to wait.
Well, the obvious question lurking in my mind is should I sell today sometime for a loss, or wait until Monday and sell.
Right, I agree. Perhaps we hit 21 tomorrow.
Do you mean markets will bite or the faz?
Thx.
I am thinking we see FAZ gap up in the am tomorrow. I bought some more shares the other day at 17.39 but I don't know how long our weak FAZ uptrend is going to last us. Overall sentiment seems that the market has more room to go up (not that I agree with the sentiment)but I can't fight the trend. Maybe we can see $19 tomorrow. Then I might jump into the fas for a short run.
Any thoughts?
Whoops, I skimmed the message too quick. I see the 18 MA now.
Much appreciated frenchee...By the way what do you show as the 18 ma.
After careful review, I added another 580 shares to my position at 17.39 just now.
It is possible for the financials to go higher but it seems more likely they need to pull back first.
Guess we will see!!
IMO, we may see the market up a bit with that meeting...However, I remember seeing on good ole CNBC that it could take up to 4 months to get the software up and working on Wall Street for the uptick rule change. Shorts have been covering during this whole rally thus far. Once the upward momentum runs out of steam, the shorts will come back to the market to feast, imo.
Ugly day for faz right now. ugghh....
Good charts. We might see the charts test the low again as the end of Q2 approaches, then perhaps do another big rally like we did here.
A total guess would be that the SPX retraces close to 700-725 over the next week or so and then has a couple small rally's before testing the 666 low. My logic there comes from the last high of 943 retracement to around 800 which afterwards turned up before creating the 666 low.
Yesterday's bullish sentiment was a mirror image of the extreme bearish sentiment we saw at the beginning of the month when the market was literally going down the drain. Now we see the opposite. Everytime we see a climax like that, the market goes the opposite direction. CNBC is can get so ridiculous at times in there forecasts. But notice how there tone is changing back to being negative again.
It is very possible that we make new lows in the dow again or at least test the last ones. The market tested the resistance levels yesterday but failed to close above them.
We have only passed the 1st qtr of 09' so far. We have alot more to go to determine the length of the bear market.
Faz gapped down this am. The gap has to fill. Once all the expected news is out, then we will have our days. We are at the climax of this bear rally.
Bank stress tests and poor earnings are now what the market will be looking forward to.
I feel strongly, imo, that we haven't bottomed. If we have bottomed then we have to test the last low on the dow and s&p. We still have increasing unemployment numbers to look forward to as the year progresses which is the core of our problems.
Just imo of course.
(great picture by the way)
Yes I agree. I am leaning that way. I was just looking at a 6mos daily chart of FAS on stock charts with the Parabolic SAR overlay. It shows the very beginning of a bearish trend developing. If you look back to similiar instances, the stock did rise a little but not enough to break the trend. Eventually after testing resistance, the market took another leg down.
I will step back and see how this plays out as is.
I am in the red with FAZ because i bought in the 30's. Ouch. So I might sell for a loss b4 the m2m meeting and by FAS to make back some of the gains. After that I would buy FAZ again when the financials top out.
At least that is my thinking based on sentiment however I am not as optimistic as the market is right now. A couple weeks ago we heard nothing but doom and gloom, and now many analysts and traders say this is the bottom? I don't trust it yet. We need to test recent lows to confirm a bottom. If the m2m meeting goes to vote and passes as planned, we might see a small bounce followed by a selloff.
The one thing that always traps new investors is the phrase "buy on rumor, and sell the news". If this happens then the market would sell off thursday or after.
Why would it be different in this case. Everytime I get too optimistic (bullish), reality sets in. I guess I am on the fence.
Picassa,
I agree there should be a big run but I am not sure when this will take place. What is throwing me off is Thursday's M2M meeting with the FASB. It seems the sentiment on the street is that the financials will rally. Does FAZ begin a big rally after the financials rally, or has the market already digested this change. If the market does rally once the fasb votes, perhaps FAZ will move up a bit tomorrow and thursday right before they vote for a small run and then drop back down to 20 or below the previous low.
I would appreciate your thoughts and anyone elses as well.
Island
Here is a good article about whether or not the market hit bottom already. Faz has found support in the last couple days so we should be seeing a pullback in the market. Charts don't lie.
http://online.wsj.com/article/SB123815206405655957.html?ru=yahoo&mod=yahoo_hs
I think that the rally is nearing its end. It is running out of steam. Tomorrow could be a big down day, imo.
Strong finish.
FAZ should at least get back to the longer term moving averages at a minimum. I would be happy with the $50-$60 range even if it takes some time to get there.
I'd like to see us close above where we opened at least. We are getting closer.
The bulls have had a nice bear market rally for a couple weeks now but unfortunately we are still in a bear market. The dow has successfully taken out the previous lows and it is very possible that we break the most recent low on the Dow sometime in the coming weeks or months. When that happens the FAZ will be looking pretty sweet. Next time the Financials bottom I will get into the FAS for the next ride.
Hello fellow long!!
The bank stocks are way overbought imo and faz can't go down forever despite what faz haters think.
Ok so that makes two longs.
Well that was ugly. Does this rally have any steam left? The fas was up today but the high was lower than the previous day. I am still long here and holding for the next wave up. Any longs around here?
I bailed out at 4.80 in pre market this am. I am surprised we are down so much but the day isn't over yet. The market is very tough to read right now.
I would like us to see us hit $5 by close today.
I think the market is ready to rally for a couple days perhaps. It is so oversold.
The day is looking good so far. BAC is steadily climbing.
I wonder if today is the day to sell or wait until tomorrow. These green days don't come to often lately.
That is true Mr. Bill.
It is strange to see financials up but the market down almost 200pts.
At last!!