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John Mylant
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Residing in Colorado Springs, Colorado. Has been trading and coaching using a self-developed option trading system for 10 years. Philosophically conservative, accurately trades weekly options with a strong risk management approach. Well sought after by investors around the world, he teaches a... More
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SPY Technical Analysis
  • FAZ Is Bullish But Most ETF's are Bearish 0 comments
    Feb 5, 2010 7:48 AM | about stocks: FAZ, EEM, LQD, MDY, SPY, XES, XLF, XLP, EFA, FAS

    Because of yesterday's drop, we have a lot of bearish sell signals today. EEM, LQD, MDY, SPY, XES, XLF, XLP all have given us sell signals.

    New one's to watch that are very strong are EFA and FAS.

    But the dollar says "Buy Me." UUP is trying to convince us that it is bullish.

    So we are going to look at FAZ today. This is the bearish ETF for the Financial ETF XLF. 

    Direxion Daily Financial Bear 3X Shares (FAZ)

    The investment seeks to replicate, net of expenses, 300% of the inverse daily performance of the Russell FAZ
    1000 Financial Services Index The fund will invest at least 80% of assets in securities that comprise the index. It will also utilize financial instruments that, in combination, provide leveraged and unleveraged exposure to the index. The fund is nondiversified.

    Feb '10 (24) CALL OPTION at $.77



    Disclosure: FAZ
    Stocks: FAZ, EEM, LQD, MDY, SPY, XES, XLF, XLP, EFA, FAS
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