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It was a choppy day and trading wasn’t easy. Folks that were waiting for the daily 3PM rip today didn’t get it, although a few times it looked like they were going to gun it again into the close.
FAZ opened stronger than I thought this morning then rallied a bit, at one point today it came within a nickel of out short price yesterday after closing horribly. The financials rallied hard, but failed at key moving average resistance, but FAZ still hit our stop. Over the past six or eight weeks we have probably taken over 25 points out of FAZ both on the P&L and on the chat room, but sometimes these inverse ETF’s can cut both ways. I will definitely be revisiting the name as the sector may have put in a short term top today. We’ll see.
Evidently Slovakia voted against the ECB plan, this news was released at about 4:15. This isnt a deal killer for Europe’s reorg. plan, but it may put a small wet blanket on the opening of the market tomorrow.
Right now Europe has been doing a lot of talking and they are trying to say all the right things, but words only take you so far. This market is still fragile and if it smells indecision or sees a crack in the armor, this market will get in sell mode quickly.
No new names tonight. See you in the morning.