Wednesday, August 10, 2011
Out and in
9:24 am (Hawaii) Got a bite of another FAZburger, but stayed for just a minute or two and left with a teeny little profit. Too many factors in FAZ's favor to get in the way of an easily readable tape. In at 68.00, out at 68.90.
FAZ did not want to dip very far on the stochastics and RSI for very long, got down to 68.34 briefly before zooming back to 69, but now has broken down a bit and is just below 68. Only 34 minutes before the closing bell and profiteers are going to assert themselves. The rally didn't go very far once it got within -200 (off -400 or so). Now -350 in the Dow.
FAZ's MACD signal and line are crossing over lower, but it's trying to rally back to 69. Volume is strong. Staying disciplined.
Update 9:30 am Signals crossing up now as 70 approaches. Getting ugly and fugly for finnies again.
Update 9:39 am In at 70.00, out at 70.50. Missed a chance to sell above 71.00. But keeping discipline. Mostly. I bought that last one on the rising stochastic, RSI and MACD signal/line bullish crossover. But the stochastic was already nearing overbought level. That was a little dangerous. Little profit, but not trying too hard, not being greedy.
Green is good.
Update 9:49 am In at 70.80, out at 70.65. FAZ ran to 71 for a moment, but when it comes to round numbers, either there's heavy buying to stomp down the doors, or it fizzles out with weak buying. This fizzled. It's like a mercy move. They could go for the kill on the banksters in these last 15 minutes, but no. Reality is there's just a lot of profit-taking. The fact that FAZ is hovering at 70+ this late is a statement. I lost a few dollars, a tiny amount on this last trade. Overall positive on daytrades today.
There it goes back to 71. Golly gee...