I'm close to a swing setup in long FAZ (which is 3X short the financials). The FAZ / XLF charts are much cleaner, less noisy, than the SPX charts, so FAZ is my current choice of trading vehicle. Further, I was using TZA before as well, but TZA is not ready yet... FAZ is clearer, for me.
FAZ TARGETS: 20.45, 20.64, 20.87, 2130, 21.41, 22.12
FAZ longer term target is 32.40 with stops at 29.76, 24.63, 27.46, 28.66. LONGER TERM TARGETS are dependent on many factors, which could change. The longer term targets should be viewed as a bullish scenario. There is a bearish scenario also.
The longer term targets might need to be re-calculated because of de-leveraging of the 3x etf. Later, I will calculate these better using the XLF.
60 min chart
Daily Chart
Note the weakness in the financials using the WEEKLY XLF chart
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
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