FAS vs FAZ

3:10 am (Hawaii) Been awhile since I stayed up for the opening bell and kept the TV on. I haven't examined FAS and FAZ in almost two days, I think, and it feels more like two years. The market leaps up. The market sinks down. Futures this morning, pre-opening bell, are slightly negative. No real huge news to either direction, just near-term skittishness about a possible delay to the Euro crisis solution. Blahblah.

FAS daily

The run to (near) 15 was almost inevitable. Let's face it - Geithner

didn't travel across Europe for a week to do sightseeing. 

Strings were pulled and everybody was on board

for the latest chapter of Fiat Dreamland.

FAS daily

When the EU announces that it will print fiat by the trillions,

14 will be a distant memory.

FAZ daily

Held support at 42 and is bouncing a bit this morning.

FAZ daily

Nothing much to feel bullish about here.

All that's preventing a crash through thin ice at 42

is the lack of a QE-ish announcement in Euroland.

It's hard to enter FAZ here. The deck is rigged, the dealer is cheating and people betting in a pair of deuces are somehow raking in big profits. People? Okay, let's just say they're under orders to stack the deck. Under orders to bet on crap. They're all the same and logic has nothing to do with the results.

The market could melt up through the rest of the year. Or we could see another huge rally get kneecapped with a couple of incredible flash crashes. I'm still all cash.