Idling and parking (updated)

8:26 am (Hawaii) Some long, fun days for me with summer here, which means I've slept through the past two sessions for the most part. Even though I knew futures were up more than 100 points last night. The Dow is +203 with about 90 minutes left. AAPL is hovering around 570, off its intraday high of 573.85. AGQ is up 5.1% to 43.86, one of the most obvious signs that sentiment is with the bulls, i.e. euro printing is about to crank into full madness.

DGP is barely green today, however. Also note that volume is a pittance, so this move could pop any moment. It's a three-legged chair. It's a lack of sellers more than an onslaught of buyers. Even social media are up: FB +0.9%, YELP +4.3%. Even GRPN +7.4%.

Finnies are rallying again. JPM is +2.6% and FAS is +6.66 percent (not making that up). VXX is down 4.8% and TVIX is -8.9%.

I have some work to do, in and out this morning (yes, it's still morning here in the middle of the Pacific), and I'm not convinced about this move higher. I may dip into DGP or even NUGT with a tight stop, but that's it. This arena is half empty, and if the balloon pops in Europe, the tankage will resume. My gut tells me they have to print, though. It's a conundrum.

Update 10:04 am In and out of FAS for a quick little profit. Got in at 77.70 a few minutes before the closing bell. Swung lower to about 77.45 before it closed strong. A few minutes after the bell, sold at 78.45. They'll puppeteer this thing back to 77.70 or so at some point today, I'm guessing.

Of course, now that I'm out, it will go to 80, then 85, then 90. They must print euros. Simple as that. So why am I not in gold and/or silver? Both have made big runs recently. I'll wait until things cool off a little more before walking into that. Because any whiff of bad news regarding the ECB, eurozone, Germany ... and FAS goes back to 68. And lower.

News trumps all

7:50 am (Hawaii) I've been disgusted with myself all week, which is no way to prepare for the market. Heck, in that mindset, it would've been best to leave home for awhile, get outside and get some clarity, which I did a few times. It's not the amount in trading losses that bothered me; it was relatively fractional. It was the whipsaw nature of price action and my inability — or unwillingness — to respect the lack of direction.

But I was all cash most of the week after the close, and that game plan was best. Though I wasn't long FAZ overnight, I wasn't long the market either and this -247 point move in the Dow comes on the back end of these negative PMI numbers across the world in the past 36 hours. It's tempting to go short (via FAZ or TVIX), but the risk here is that with all the bad news absorbed, and Obama done speaking (the indices dove again as he began), the market is done puking for the time being.

DJ -2%
Nasdaq -2.6%
S&P -2.3%

Overnight futures were at -110 before I hit the sack, so getting up to see this isn't a major shock. But gold is UP. DGP is +8.2%. AAPL is down 2.5% ($14) to 563. Even some of the stocks that had been resilient, like JACK, are down more than 4%.

The strange thing is, volume is SO LOW. In some cases, it is miniscule. So is this a true capitulation move even without volume? Maybe there are simply no sellers left and this really is the bottom. But I'm not willing to go long here. Not yet.

Update 8:13 am In FAZ at 29.75.

Update 8:20 am Out FAZ 29.62. It was up to 29.83 and topped out. Should've protected myself and stopped out (manual) for break-even. Tiny loss, but it's the principle. During that intraday top by FAZ, AAPL bottomed at 560.52. AAPL now 562.50, FAZ at 29.50. Anything with a gain over 10% like FAZ is due to sell off, no surprise.

Machines rule earth

7:44 am (Hawaii) I woke up early enough to get out of DGP at 47.74, taking a small loss (-0.46/share) on a weird open. I was totally worn out by this cold and sleep debt though, and crashed out until now. The indices are up and strangely enough, internet/social stocks started poorly and spiked after that roughly 30 minutes in. YELP, for example, sank to 16+ but rose to 20 or so.

FB is down 9% to 34.79, but it was at 33 earlier. AAPL is up 4.4$ to 553. It hit a recent low of 521+ on Friday and closed that day at 530. FAS is up 2.6% though JPM is down 2.7%.

Strange day, indeed. DGP has drifted, still red, now at 48.00. The G8 effect has been minimal, did little to help bulls or bears. gold bugs or bank haters.

Volume is weak. AAPL volume is at 15M+ shares; it was at 26M+ on Friday.

The machines are in control. Again. I suppose this is the one thing that was generally agreed upon at Camp David over the weekend. It feels like melt-up time again.

No fizzling out for FAZ (update 11:37 am)

9:02 am (Hawaii) Back from doing some work on the road. Between that and this cold, I've been feeling ragged and had to get sleep this morning. I missed the run for FAZ, which opened in the 27.50s/27.40s area and would've been a great re-entry point. (I sold yesterday at 27.54.) It ran to 28.51, then pulled back to the 28.00 area by the time I woke up. I almost put in a buy order, but the possibility of profit taking at the end of huge week — FAZ was 22.88 a week ago — had me willing to go do my work and be patient.

I re-entered after returning at 27.65. That was just a few minutes ago. It went to 27.76 (and I raised my stop loss), but now it seems profit taking is truly kicking in and my stop-loss price is about to kick in. If that happens, it's a quite small loss and I can live to fight another day. That's the biggest takeaway for this week. Stop-loss is necessary. Mandatory with a fast mover like FAZ (3x ETF). Mandatory with a pushover like GSVC. The big losses are rare but they knock me down and erase all of the small wins. Price discipline is key.

FB is now at 38.65, just over its IPO price, despite a lackluster market. That's being kind. This is a correction we're in. I'll be happy to get some FB at 25 or 30. They always pull back, the IPOs. Doesn't matter how great the stock and company are. Patience is key.

Update 9:20 am Stopped out of FAZ at 28.53 (-0.12/share). Tiny loss. As expected, traders holding from 27.50 this morning or all the way down to 22+ a week ago are cashing in for the weekend. FAZ has bottomed near term at the 28.40 area, now rising again. Should be interesting how the new buyers do against the heavy selling.

Update 9:36 am Back in FAZ at 28.66. Stop loss in place. Seems preposterous to be buying it when I sold yesterday more than a dollar lower, but that was a long time ago in the FAZ universe.

Update 9:39 am FB pulling back to 38.00, but there's a huge wall of buyers there with orders of 16K, 27K, 65K, 51K, 3360K (3.36 million shares?) protecting the price.

Update 9:47 am Stopped out of FAZ at 28.72 for a teeny gain. Thought about selling when it hit 28.92, but that was so quick. It went from that high to 28.80 in an instant. Let the trade ride instead of trying to change, adjust on the fly. That can be dangerous if a stop loss order is changed to a limit order while the price is sprinting either way.

Update 9:52 am It's hard to listen to gold. Spot gold is up big the past three days, an indication that the Fed/puppeteers are ready to unload trillions in new fiat currency. Damn austerity, they cry. So gold is tempering my desire to trade FAZ one more time before the closing bell.

Update 9:57 am Entered DGP at 48.10 before the closing bell. There will be some consensus out of Europe this weekend about stimulus, new bonds, whatever the hell the can imagine and create to soothe the overheated markets. I'm staying out of FAZ here. The only way I'd stay in is if I'd stayed long since 22.88 (a week ago).

Update 10:28 am DGP moving higher after hours, now 48.31 on thin volume. My position is small and it would take a serious move higher for me to consider selling. Weekend in Eurozone at the G8 meeting will be interesting. If there's some progress, FAS will run. If not, the weight of these "bank jogs" will take a toll.

Update 10:38 am I've probably underappreciated the effect of JPM on FAZ today. JPM hit an intraday low of 33.01 or so today, and the news from them continues to be horrible. Loss on that botched "hedge" trade is likely $5B, not $2B or $3B. I won't be surprised when it turns out to be $10B. They can't unwind it so they just keep betting against it on the other end.

So, even if/when Europe starts taking steps toward really dealing with the issues in Greece and Spain (and Portugal, France, etc), FAZ could still jump on problems at JPM. How much, don't know. But the kryptonite will be a new round of stimulus, and there's nothing that will help FAZ by then.

When that round of QE/whatever you want to call it is over, though ... gold and FAZ will spike like nobody's business.

Update 11:37 am FAZ coming down, like yesterday, in after hours trading. Now at 28.65. If it can pull back lower, say to 28.30, I might pull the trigger. Why hold DGP and FAZ? The onset of fiat currency printing alone fuels gold. The bank runs and political schemes to control ban runs, even with G8 strategies, are just a thumb in the dike. Banks are in deep, deep kim chi.

Discount hunting (updated 10:58 am HST)

I want my price. Will these pull back just enough?

(Closing price to premarket high Fibonacci levels)
AAPL 595 (unlikely)
CRUS 24.45 (blowout earnings report yesterday after the bell)
FAZ 21.64 (possible)

FAZ trades on such light volume premarket. It's at 21.74 right now and could easily swing down to 21.64. It's up, I believe, on Europe weakness (as usual). I don't see AAPL dipping below 600. Jobless numbers were weak and barely affected the market, didn't harm AAPL one bit.

DGP and AGQ are green this morning, but not going there. Not today. Other "Apple tree" plays like BRCM, QCOM, SWKS are interesting. Keeping an eye on those.

Update 3:35 am (Hawaii) Holey moley, what a wacky, whacked OUT open. AAPL zoomed to 614+ two minutes before the bell, then fell to 611 after the open and below. FAZ sank all the way to 21.60 and has dropped below 21.50. It's cheap as I wanted, but I'm never entering something that sells off that harshly (re: ugly candles on the chart). There's something going on and I don't want to tread in that swamp. (Now 21.39!)

Indices are flat, slightly green. But really, what are FAS and the finnies doing afloat when Europe is so fucked? Meanwhile, CRUS is exploding, now 26.09, parabolic in these first several minutes. Will not chase. Waiting for a dip.

New fib # in CRUS is 25.07. Patience required.

Update 3:46 am CRUS finally dipping from its 12+% high this morning. Did a little homework and Cirrus has a trailing P/E of 10, forward P/E of 11. Discount to the max. This is almost too good to be true, the need for Cirrus' parts in Apple iPads. Add in these factors: Float of only 64 million shares and short interest of more than 10 mil. Explains the big bounce today.

Update 9:35 am Stayed up long as I could before getting some sleep the past few hours. CRUS almost came down to the 35.30s level (Fib retrace), but not quite. It's now near the day's high at 27.32, up more than 18%. The short covering hasn't ended, I guess. Incredible. But I won't chase. 

ZAGG, which announces earnings in one week, is at 12.05 (+5%). That's more interesting as a chance to ride momentum, but I don't want to chase. AAPL sank to 602+ but rallied to 610 (break even for the day). Then it slid to 607-608 in the last few minutes. 

The indices are all green (+0.7 to 0.9%) with 20+ minutes left in the session. Market is totally setting Europe issues aside, even ignoring today's lack of earnings beats. It's an iPad hysteria society from the US to Beijing. My job is simply to buy low and sell high, like the janitor at a high class party for rich, drunk frat boys and sorority girls, just picking up expensive jewelry that's fallen to the floor. 

Update 10:15 am Speaking of discounts, SBUX has cratered in after-hour trading after beating estimates by a single penny. A lot of disappointment on Twitter, but apparently earnings were nowhere near consensus estimates. I know it's tempting to sit in a Starbucks with the Apple lapptop on, sipping a favorite concoction feeling like AAPL and SBUX are the fricking bomb.

But unlike AAPL, SBUX did not destroy any estimate whatsoever. It went from an intraday high above 61 to 57+ after the news. Now at 58.10. This is one of those situations that guru StockGuy22 might pouce on. He's great at recognizing an oversold or overbought situation and profiting. But I don't know if he likes this. I spend way too much money at Starbucks. Though they're usually busy and crowded — the one in Mililani was packed at 10 pm yesterday — a 1¢ beat means they're no AAPL.

Update 10:30 am Now it's DECK that disappoints the bulls. Seems to be one of those late-in-the-week earnings are the Debbie Downer stocks, while the early-in-week earnings (AAPL, et al) were the gainers.

But as I type that, AMZN has beaten estimates solidly and is trading at 200, up from 195. Zooming higher. Now 204, 205. Yowza. $0.28 vs. $0.07. Wipeout.

Update 10:34 am SWKS (Apple play) is also up big after hours, now 27.02 after closing at 25.54. Just don't know enough about this company to step in.

Update 10:58 am That was a bit childish. I missed AMZN on the news at 200, 205, 210, 213. Got in at 220.50 and sold back right below 220, spooked out. But it's holding above 220. Major, major short covering. It'll be tempting to re-enter before afterhours trading ends for a probable bounce in the morning.

FAS vs FAZ

5:15 p.m. Kept tabs on the market this morning. Surprised the IMF's announcement didn't kick-start the market much more. Lack of liquidity is hurting bulls. No real solutions in sight, as expected. But still, I expected the banksters to do more at this point. We'll see. Still all cash and watching from afar.

FAZ daily

So much for falling off a cliff, for FAZ is back

FAZ daily

Piercing through the upper trendline, but for how long?

FAZ daily

Declining volume, tough to see FAZ staying above 50

without a retest first

FAS daily

Really, what a disappointment for bankster bulls

FAS daily

That gap down yesterday and today's sluggish trading, not good

FAS daily

Volume in FAS fairly strong, which tells me that FAZ's rise has

everything to do with outflows and pullouts from finnie stocks, re: BAC

AGQ daily

Not sold on silver spot price and the 3x ETN, but this is significant

AGQ daily

Rising volume. rising price in a down market

DGP daily

Not as perky as silver/AGQ today

DGP daily

So-so volume

DGP daily

Hanging man candle on the gold 2x ETN not a good sign

FAS vs FAZ

12:10 am (Hawaii) Sure enough, the market is tanking this week as Europe looks typically frazzled and anemic, and banksters are taking their time diving in to save their underlings across the pond. It's just a matter of time. Until they actually get the fiat printing presses humming 24/7/365, they'll let the market tank deeper and deeper. All the better to scoop up cheap stocks. In the meantime, they churn traders out, shaking out all the money in their wallets and pockets through pure volatility (and margin calls).

I'm glad I stayed out for the past week or two. Work has been to busy anyway, but there's a peace that comes with living life almost normally rather than fret over the whims of the indices, the ups and downs and ups and downs of FAS and FAZ and gold and silver.

FAZ's run to 48 today was a stunner to see on the chart when I finally let myself look at it a few minutes ago. I didn't think it would trade out of its range (35-44) this soon. I'm not tempted one bit to nibble here. No amount of occupying will save the fractional reserve banking system in the long run, but that's still a ways off. No way the banksters relinquish power anytime soon, but I sure think FAZ eventually rockets to 81 again, then 100. I'll wait for a retest of 35 first.

FAZ daily

Quite the ride

FAZ daily

Monster volume yesterday (Thursday)

FAZ daily

Time for a dip in the 44 & below pool?

FAS daily

The recent run has been bushwacked, hasn't it?

FAS daily

That's a whole lotta bailing out of a sinking ship

FAS daily

This can't be going to 52 or 44, can it? 

FAS daily

Maybe yesterday was the blowoff sell day to end

this drop, but it sure doesn't feel like it

DGP daily

Freaky view of this gold 2x ETF

DGP daily

Simpler view isn't necessarily more bullish at all

AGQ daily

Quite ugly, but clean in a sorta neat way

VXX daily

Due for another mini dip? Charts at this point

are nothing but visual candy because Euro

monetary chaos is out of control

I remain completely seated and satiated in the bleachers. No playing in this farce of a market. 

FAS vs FAZ

12:36 pm (Hawaii) Getting a lot of work done early in the day now that I'm not obsessing over a schizoid market. Yesterday, Italy's chief announced he would step down under conditional terms and the market zoomed. Today, Italy bonds get out of control (again) and the Dow loses 389 points (3.2%). The action was not gray area at all. AAPL sank 2.7% to 395. Financials were fugly.

BAC -5.2% to 6.19, WFC -5.4%, AIG -6.3%, IRE -6.5%, NBG -6.8%, JPM -7.2%, UBS -7.7%, C -8%, STD -8.2%, GS 8.2%, BBVA -8.3%, MS -8.7%, HBC -9.1%, ETFC -9.4%, JEF -10.4%, RBS -11.1%, DB -11.2%.

FAS shrank 14.8%. FAZ went from 39 yesterday to 43+ today with very little selloff into the close. In fact, after I got up, it dropped below 43 to the mid-42s, then ran up above 43.50. On big volume. If you're like me, you know AAPL leads the retail market, and AAPL's selloff today on large volume with that hanging man candle looks simply horrible.

Technicals do not tell us what's going to happen, and they are the mercy of headline risk. But they do provide a visual into the global monetary chaos, and what a friggin mess.

Below, some charts and that includes TVIX, which was up 37% freaking percent! I remain in the bleachers sipping a hot cocoa, cash under the mattress.

FAZ daily

No matter how much weight the banksters have behind their

punch, they can't find resolution to the toxic assets near and far.

FAZ daily

Major move today on heavy volume but I suspect this stays in a 

range between 36 and 44. A break above 44 would tempt.

FAS daily

The breakout momentum was doused today but volume

was not totally indicative of a definite avalanche.

FAS daily

Big move post-pennant? I should've said moves, as in plural!

DGP daily

Down 1.7% today, which makes no sense considering the

mega-printing of fiat that is due globally. Soon.

AAPL daily

One hell of an ugly candle.  

AAPL daily

The move lower was on significant volume.

UUP daily

Mad US dollar!

TVIX daily

37% in one day? This closed at 46.04 yesterday.

TVIX daily

The Italian-German-French-Greek soap opera continues in 

As The Euro Central Bank Turns. Tomorrow's episode: 

Happy bedroom talk resumes and TVIX loses half of

today's enormous gain. 

FAS vs FAZ

Coincidentally, with the 2,000th post on this little blog, I took a much-needed break. The string of losing trades, albeit with mostly tiny to small losses, wore me down. Couple that with a busy workload and blogging wasn't a priority for the past several days. I've known for a long time that I need to air out my thoughts in order to bring order. The clutter doesn't work for me, so I leave it all here for my own benefit. I wouldn't doubt it's the same for a lot of traders.

Looking at FAZ, FAS and DGP before the market opens wasn't something I particularly enjoyed. It's something I made myself do, at least to keep in touch with a small sliver of the market. I haven't made the time to keep track of the mess in the ECU or stateside and I frankly don't miss it. I'm sure the break will be extended.

FAZ daily

Breaking 42 wasn't something I assumed would happen.

35, I wrote awhile back, is where I'd really get interested.

Now we have a pennant for the first time in weeks.

I'll watch from the bleachers.

FAZ daily

Pre-premarket has FAZ trading below 40.

FAS daily

The run from sub-9 to 15-plus was sudden and severe. 

The banksters would not and will let Eurozone interests fail.

FAS daily

Like FAZ, a pennant has formed, which often indicates

a big move is coming soon.

DGP daily

Haven't kept track of gold and silver spot price in ages.

These trendlines are clearly bullish, but I've stayed out.

DGP daily

The trickeration of the puppeteers is a major reason

why I'm in no rush to leap into the fiery lake of gold

Sleep vs Trading

10:40 am (Hawaii) Was in and out of FAZ today for a very small loss. Bought FAZ at 44.70, stopped myself out at 43.96. Bought FAZ at 44.80, stopped myself out at 44.96. Bought again at 45.33, stopped myself out at 45.64. FAZ ran above 46 before the bell, then predictably sold off to mid-45. Currently 45.91 after hours.

Between the first trade and later trades, I got a few hours of sleep while the Dow sat in the -90 to -120 range. The Dow finished -207, basically giving back yesterday's gains. October has been a beastly month for bulls, so some profit-taking is normal. But what's exceptional is some of the crashes in certain stocks today.

AMZN -18.6%
FSLR -25.2%
GMCR -13.1%
NFLX -35%
WNR -9.8%
X -9.8%

Precious metals did very well today on solid volume, as Brother Turd forecasted yesterday. AGQ up 10.3% to 63.60. DGP up 5.4% to 57.31. Miners up big. EXK +6.1% to 10.43. GDX +2.4%. SLW +3.4%. XG +7.9%. I still have no interest in trading miners. Too many invisible factors, ie puppeteers.

AAPL was above 406 early, but led the way down (along with copper, NFLX, etc) and is -2.3% to 396+.

Simple as ABC?

1:17 am (Hawaii) I like my little charts and trendlines and megaphone and pennant patterns. I like candlesticks too, however reliable (or not) they may be. But it's fun now and then to visit American Bulls for their view of stocks. Here's what they say through their candlestick analysis as of Wed Oct 19:

AAPL - Sell confirmed
AGQ - Sell confirmed
DGP - Sell confirmed
SPY - Sell-if...
QQQ - Sell-if...
QID - Buy confirmed
FCX - Wait
EUO - Buy confirmed

Isn't this interesting? All the indicators (at least in my book) of a bullish short-term view are negative, from AAPL to precious metals to bear indice ETFs. So how about financials?

FAS - Buy-if...
FAZ - Buy-if...

So that confirms the confusion and hesitancy of not just me, but of plenty of traders and investors regarding the banks. No surprise that the bank stocks remain choppy, range-bound and largely untouched lately. Or is that really the case?

BAC - Buy-if...
AIG - Sell-if...
C - Sell-if...
GS - Sell-if...
JPM - Buy-if...
MS -  Sell-if...

Less positive than I expected. I don't like the banksters, but even this is more bearish than I would've guessed just by the way they've held up through the past week with JPM and GS announcing far less stellar earnings than expected.

NBG - Wait
IRE - Wait
DB - Buy-if...

There are more Eurozone banks but that's enough. As I fall asleep for the night (and premarket opens in 30 minutes), I'm content to stay the heck out for today. The most bullish thing that could happen is Merkel and Sarkozy release the details of their grand plan to save the European monetary system. That would take the US market and precious metals higher since printing all that fiat money will be nothing but a short-term fix. Then the junkie becomes more dependent on the juice (fiat printing).

Emptying out, frugal shopping time (updated 1100 am HST)

2:51 am (Hawaii) Out of FAZ for another loss. These small losses are adding up and I hate the bleeding. I am looking for a move in FAS today on top of the over-weekend gain; Dow futures are up 140. AAPL (+2.5%), AGQ (+7%), DGP (+3.5%) are among the big movers. Staying out today and this week is a real possibility, but it might be better to be a pilot fish.

Update 3:32 am Trend is higher, bad news appears to be priced in for now. Got back in FAS before the opening bell at 11.09. Everything turns quickly, exercising caution.

Update 3:42 am Out of FAS 11.33. It was either put a stop sell order in at 11.30 and go to the toilet, or sell and crap in peace. Honestly. I like peace. Might get back in later, but FAS was due for a decline after hitting 11.40 a couple of minutes ago (stochastics). Made $240 on the quick trade, still down a little for the day because of the over-the-weekend trade on FAZ.

Update 3:57 am FAZ at 58.30 after dipping below 58.00. FAS got down to 11.24, then pushed back up to 11.40 again. Now selling down to 11.30. I'd like to see FAZ at 55 or 50, as usual, but I've got no idea how far it sells off today. It could get down to 55, then rally back to 63 before the closing bell. That would not be really surprising.

Update 10:54 am Boy I was tired. I slept from 4 am to 8 am, went to do some work and just got home. In between, I saw the market up HUGE and FAS at 11.90+ (I think). This was before the closing bell. I don't like trying to put a quick trade on if I can't be situated, so I stayed back. The Dow finished +330 (+2.97%). Nas up bigger +86 (+3.5%) and S&P 500 +39 (+3.4%). But as I check charts, I see FAS had its lowest 1-day volume since Sept 30. SPY had its lowest volume since Sept 20. AAPL (+5.4% to 389+) had its lowest volume since Sept 28.

There's only two ways I look at a big up day on such paltry volume:

1. This could be nothing but cheap calories, nothing nutritional and substantive. It's thin ice and the market will crater tomorrow, or

2. This is the beginning of another melt up rip, similar to last year when the indices kept trickling higher on no good news, just govt mandated machinery doing their trickeration and pushing stocks to new highs.

I'm not for or against making money under these circumstances. So yes, I wish I'd let my FAS position this morning run (with a trailing stop order in place). But FAS up 14.3% because Europe says it has a plan to save the banks? Details? WHAT DETAILS? Who needs them, right?

My main concern is staying out of harm's way. I'm all cash. I have no desire to fight the trend. Right now it's up no matter how much I despise the banksters. Much as I've liked trading AGQ and DGP in the past, +6.8% and +5.1% pale compared to FAS's move today.

As for FAZ, it's near its low of the day at 54.85. The 55 mark has been breached. The lower trendline on my megaphone pattern has been hit. Do I buy? Possibly. But 50 would be even better.

Bank run starting on BOA (aka DOA)? (updated 730 am HST)

2:38 am (Hawaii) Up through the night, got some work to get done, some fun stuff to get done and a can of Red Bull is in my system. Might need more... got the Orville Redenbacher popcorn and some mochi crunch and fukikake. This movie is a daily marathon and it's just starting for the day. Interesting to see both SPY and FAZ both up for a good 25 minutes or so after premarket opened (peon trading time, not the pre-premarket). But now FAZ is up and SPY is down. Dow futures were up, but on balance not pointing to a positive open.

Hard to read whether the late-day bounce yesterday is going to hold. But FAZ has already pushed above 68, sold off to 67.65 or so, and is back to 68.00 again. I'm leery of head fakes here. A lot of red on my Modified Trade X list: AAPL, AGQ, DZZ, ERY, FAS, QQQ, TLT, TVIX, UUP. The green: DGP, FAZ, FXP, TMV, TZA, YANG, ZSL. My focus, as usual, is FAZ.

YANG and FXP I learned about last night. They're 3x and 2x bear play ETFs on China.

Update 4:33 am Just doing some stuff, watching but not participating. Dow has bounced over and under break-even several times. FAZ was somewhat tradable from 66+ to 69+, back down to 66+ and now around 68.00. Market is basically flat with some fluctuation. Will 66+ hold again? If not, I might get those FAZ shares I covet at 65 or 60 or even 55.

FAZ intraday: little boxes getting work early in the day

I mentioned yesterday that the daily chart showed one trend over the past few months: long white/green candlesticks that are followed by long/longer black/red candlesticks have led to a temporary downtrend in the last eight instances. Doesn't guarantee anything here, but that fact does temper any enthusiasm I may have to jump in at this level without any catalyst on the horizon.

Update 4:47 am A fairly typical pennant forming on the early-session intraday chart for FAZ. I'm guessing this is common with opening-hour traders cooling off. The pennant normally leads to a break up or down, and in this case, FAZ just spurted higher, above 68.00 (not on chart).

FAZ 1-minute: Might just hit the sack.

No rhyme or reason to today's price action.

Update 6:05 am It's mid-day in the market and FAZ continues to stay in this pocket between 67 and 68+. Currently 68.39 (+2.6%) even though the indices are slightly up. My Debt Spiral list of banksters is 35% green, 59% red. The Euro banks are green and US banks are red, though none are down more than 3%, which is a pittance these days. 

PMs are also pushing up as of the last few minutes. AGQ is at 107 (+1.3%) and DGP is at 52.91 (+1.3%), and it still feels oddly interesting that PMs and FAZ are up together, like a nearly-forgotten memory. 

I drew up some megaphone patterns on the FAZ intraday chart for entertainment purposes, but the price seems to be holding in these areas. Stepping toward 69 since I took this pic of the intraday. 

FAZ 1-minute: Is 67.00 long gone already? 

Update 6:24 am Fascinating price action by FAZ as the Dow sold off from +36 to +13. FAZ left the lower megaphone to the next level and pierced yet another area before returning to a 69.15-69.30 point. It looks comfortable here. I could've entered at 67, 68, even 69. 

FAZ 1-minute: Holding in the megaphone patterns is extremely bullish

but highly susceptible to an avalanche

Update 6:42 am The entertainment value is immense watching FAZ. I didn't expect it to shoot up higher and higher on the megaphone patterns in such a short time, but this is FAZ and it's a spaz. It's pulled back down to 70.00 since I took this last photo (below) as the Dow tiptoes above and below break-even. Quite a run in the past hour plus. I'd be fine holding this had I entered at 67 and 68. Right now, it's a dodgy proposition. A small entry position would suffice in case the market buckles and FAZ returns to 79 or 81. Tight stops absolutely recommended.

FAZ 1-minute: Getting to these higher megaphones surprised me,

but it could actually get above the highest before today is over. 

And then return to yesterday's closing price. 

Of course!

7:07 am Down goes FAZ! That was quick, as usual. Stairway up, elevator down, as usual. FAZ broke through the megaphone patters up and then down, and then some. Got down to 68.10 or so, looking similar to the avalanche from yesterday's final hour. Dow is +38, AGQ is up 3.7% to 109+. DGP is up 3.2% to 53.92. FAZ is still up 2.5% for the day at 68.32. The run for today may be done. Not touching anything yet, though AAPL (374+) is well off its low of the day (360+). 

FAZ 1-minute: A rerun of the final hour yesterday. So now what? 

Update 7:25 am I wanted 65, I might get it. But I also want 60, 55...

Easy come, easy go

Little high, little low