FAS vs FAZ

8:19 am (Hawaii) Gridlock on Honolulu's roads and highways. Partly cloudy, moderate trade winds. All is normal for a Thursday morning here. The market looks strapped down, unable to move forward up or down. Indices are flat flat flat. AAPL is down 0.6% to 396+. Precious metals down big (again). Yet FAS is up 1.3%. UBS, WFC, NBC, JPM, C all up. SCGLY, IRE, DB, BBVA, STD all down more than 2%. BAC is down 1.4% to 6.35, which is practically nothing. 5 or 10% moves happen often these days.

FAS and FAZ remain in their ranges. No surprise there. No catalyst, no rocket move. FAZ could be a bargain below 50 or maybe it's just doomed to go lower in this downtrend. FAS could be setting up for a bullish move to 15 and beyond, but the news out of Europe and the US regarding this systemic downfall is far from done. But I remain all cash.

FAZ daily

Another pennant formation? Still perched on a ledge

and not very promising - as it usually is before takeoff.

FAZ daily

Range narrowing, 50 becoming thin ice

FAS daily

Unable to sustain momentum

FAS daily

No direction in sight, 13 still there for the taking