So much to do

9:03 am (Hawaii) So little time. Took a stab at FAZ as it leveled off at 77 or so. Entered at 77.95, it snaked above 78, but dipped and I got out at 77.60. Teeny tiny loss, basically broke even. There is a chance that late-day traders will pile into FAZ, but can they overcome the rush the exits? There will be tons of profiteers with shares above 24% gain for the day.

Couple that with the FOMC meeting tomorrow, and FAZ is due for a pullback snapback style. But you never know in a hate-the-banksters day like this. Dow Jones rising, down 470 points. Don't know if this is the bottom, but the sheer amount of profit-taking by bearish traders could take the Dow back to -400 or even -300.

CNBC says S&P has tweaked its downgrade (today's version), naming six corporations that are immune due to great global business. One of them was Microsoft. Another was Johnson and Johnson.

Update 9:10 am (Hawaii). There goes FAZ, now down to 75+. 73.92 coming, and at this rate, I think a 50% retrace of today's gain is realistic. That makes 71.71 worth watching.

It's almost useless to enter FAZ right here and now. Too many factors work against it in the next 24 hours, though depend on how Helicopter Ben deals with the world tomorrow will be huge. After that, I'd feel safer about entering FAZ at these lofty levels.

The plan I had coming into this week has been altered. I thought I'd enter AGQ, or add some DGP or re-open FAZ. But I lacked the vision to see how huge FAZ would or could move. I never considered a 25% gain in one day. Turns out 68 was a bargain. Someone braver than me shorted FAZ at 80 or went long FAS at that point.

Spot gold now down to 1710 after a high of 1721.70. Silver is taking shots to the solar plexus, now dipping to 38.88. The CME mafia/JP Morgan is making sure they make money long gold and short silver, I'm sure of this. In fact, silver has to be one of their "go to" players since it is so easily manipulated. I'm glad I bought a good share of physical in both over the weekend. Leaning toward DGP over AGQ and FAZ here.

TVIX and VXX should calm down tomorrow, right? Not touching those crazy cars.

Note: CNBC reports that Bank of America refuses to raise capital. Are they expecting another TARP? BAC has gone from double digits (last week) to sub-7. If this is Jim Rogers' short, he remains a genius.