Financials Charts
I’m short [[FAS]] – triple financials ETF (from $17+ – left that trade running while away). Trying to see where financials will go next.
As a small hedge, I’m also short [[FAZ]]. My FAS-to-FAZ ratio is 4:1.
Triple ETF erosion is a beautiful thing, by the way.
Click charts to enlarge
BKX – Bank Index (daily chart)
XLF – Financials Select SPDR (daily chart)
hi, being short financials was definitely a good trade, congrats.
Headline,
I’m still short FAS —
– in part because I feel safer shorting a 3X ETF
– in part, on a hunch – banks will probably be nationalized and common will be wiped out
What are you trading these days?
Welcome back and good to hear your trades working.
I’ve been avg up in the gld since 78, but now waiting for a p/b to add more – even though I promised myself I would never trade that particular etf again. I have to 2 equity positions: mygn & nflx. I have to do my scans too see if this still holds true, but leading stocks look much stronger than the indicies. Maybe there is a rally setting up for next earnings season?
TSS,
I noticed that the NASDAQ looks very strong compared to both DJIA and SPX. I’ll be playing QLD on bounces.
Haven’t done any scanning yet, just day- and swing-trading the triple ETFs.
Looks like we’re in for a couple of exciting days — there’s a lot of talk about bank nationalization, but it can all turn out to be a rumour.
Here’s something from Beat the Dart:
“This is the noise: In the past few months, an increasing number of economists have become convinced that the best “fix” for the banking system is a government takeover and restructuring of companies like Citigroup. And some voices in the government are finally supporting this idea.
Over the weekend, Senator Lindsey Graham said he thought “nationalization” has to be considered, because he doesn’t want to throw good money after bad.”
BAC, WFC and C are down a lot afterhours.
Overnight I’m holding FAS and FAZ shorts (9:6.5). Not sure why I hedged, being too cautious.
Glad to see you’re trading again! 🙂 MYGN looks interesting, NFLX seems a bit weaker (this is at first glance).