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Want to see two really interesting graphs that share a lot in common with respect to price action and volume? You do? OK!
You guessed it; the top one is FAS (back in March) and the bottom one is FAZ (as of today). I'm (slightly) ashamed to admit it, but after a lot of analysis, I took the plunge in FAZ again at $4.80. It's a pretty big position, mainly situated as a hedge against my nutty cheapo stocks in my IRA.
As for what happened to FAS since March, you certainly know that………
Today was a good day. But, honestly, I have nothing more to add at this point unless tomorrow is also a good (i.e. down) day. Because if this is the umpteenth "one hit wonder" (and a small one at that), you know nothing's changed – – – the market will just keep pushing higher until it doesn't. If we manage to get another day similar to this one, then we've got something interesting to talk about.
I went through hundreds and hundreds of charts, and although there are a handful of very good-looking bullish charts (which I have bought), there is something like a 30-to-1 ratio of bearish looking opportunities to bullish looking opportunities. Thus I find it difficult, understandably, to run around going long the market at these levels.
I would encourage you to check out the symbols from my last post. There are a lot of really great looking shorts in there, in my opinion.
Good night!
This is a thing of beauty. Stop=14.64.
