IMO, all of the 2x short ETF's have killer charts.
Here is just one example, because they all look about the
same:
SRS 60. Others I like are FXP, EEV, SKF,
DXD, QID, TWM and SDS. Unless these ETF's get
overwhelmed with bad news, this is as good as it gets,
folks. Today was terrific for them and I expect
tomorrow to be the
same.
Posted by danbowers on 22nd of Sep 2008 at 10:26 pm
I would be extremely careful w/ inverse etf`s.....even though it
is hard to say w/ all the fed interference, both S&P and QQQQ`s
seem to have inverse head and shoulders (that`s my opinion) and
also postive divergence............. One thing for sure , I would
not short this market .......either long or cash
re: we're in a bear market, good point. I had an order to
short ready to go on the open this a.m., but missed it thinking we
would bounce a bit more on the open. I think a lot of folks
drank the Fed Kool Aid and got scared off from shorting.
Looks like the no short rule backfired today. Could see a
real slide soon as there aren't many shorts to cover on financials
to make a usual bottom and rebound. These Fed clowns may have
opened the trap door into the abyss.
Posted by danbowers on 22nd of Sep 2008 at 10:56 pm
I agree with you on that totally. But I would wait for some more
time before going short. We just saw some lows last week and we saw
some significant high volume "short term capitulation" .... I don`t
see any reason for any aggressive selling to set in at this point.
Most of the bad news is being digested. We now need another round
of bad news.
Remember that only about 2 months ago we were ina similar
situation and then wells fargo sprung some surprise earnings and a
foolish dividend increase and that set the market going for almost
5 weeks. I am not saying that we might rally but
I highly doubt we will go back to last week`s lows. This is just my
personal opinion.
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Posted by trader2 on 22nd of Sep 2008 at 10:18 pm
IMO, all of the 2x short ETF's have killer charts. Here is just one example, because they all look about the same: SRS 60. Others I like are FXP, EEV, SKF, DXD, QID, TWM and SDS. Unless these ETF's get overwhelmed with bad news, this is as good as it gets, folks. Today was terrific for them and I expect tomorrow to be the same.
YMMV.
I would be extremely careful
Posted by danbowers on 22nd of Sep 2008 at 10:26 pm
I would be extremely careful w/ inverse etf`s.....even though it is hard to say w/ all the fed interference, both S&P and QQQQ`s seem to have inverse head and shoulders (that`s my opinion) and also postive divergence............. One thing for sure , I would not short this market .......either long or cash
Dan -- You do realize that
Posted by trader2 on 22nd of Sep 2008 at 10:43 pm
Dan -- You do realize that we are in a bear market, don't you?
re: we're in a bear
Posted by trade on 22nd of Sep 2008 at 11:00 pm
re: we're in a bear market, good point. I had an order to short ready to go on the open this a.m., but missed it thinking we would bounce a bit more on the open. I think a lot of folks drank the Fed Kool Aid and got scared off from shorting. Looks like the no short rule backfired today. Could see a real slide soon as there aren't many shorts to cover on financials to make a usual bottom and rebound. These Fed clowns may have opened the trap door into the abyss.
I would not look too
Posted by danbowers on 22nd of Sep 2008 at 11:08 pm
I would not look too much into today`s action only b/c of the volume...but if there is a follow through, then I will agree with you
IMHO you will not see
Posted by dylan398 on 23rd of Sep 2008 at 08:10 am
IMHO you will not see volume come back until the short ban is lifted..
I agree with you on
Posted by danbowers on 22nd of Sep 2008 at 10:56 pm
I agree with you on that totally. But I would wait for some more time before going short. We just saw some lows last week and we saw some significant high volume "short term capitulation" .... I don`t see any reason for any aggressive selling to set in at this point. Most of the bad news is being digested. We now need another round of bad news.
Remember that only about 2 months ago we were ina similar situation and then wells fargo sprung some surprise earnings and a foolish dividend increase and that set the market going for almost 5 weeks. I am not saying that we might rally but I highly doubt we will go back to last week`s lows. This is just my personal opinion.