I think we have hit a massive resistance. As we can see from the Dow’s Daily Chart, the last trading range was very thick and a lot of people went long thinking that was a bottom are eager to get out. So there will be massive selling in that range. It will take some time for the market to wear out those trapped bulls. Once some of them are out, we might see upward moves with the help of some good news.
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I am still bearish. That is why I have FAZ. Now I am up 10% in FAZ again. So I will move my stop to break-even. My target is 30%. I think 30% is very conservative here.
Where do you think FAZ will stand 3 days from now?
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