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Buy Levels FAS/FAZ - February 2012
Direxion Financial Bull 3X Shares (FAS) has seen a huge rally in January 2012 due to the rebound in financial stocks. However, is Direxion Financial Bear 3X Shares (FAZ) ready for a move up in February 2012?
FAS and FAZ are two of the most active ETF's during volatile times. The swings these two stocks make are close to TZA/TNA.
FAZ has been showing some signs of a bottom this week and a close back above the 10 day moving average would flash a buy signal. FAZ is trading just below $30 and the last time the stock closed above the 10 day moving average, it was nearly $40. I would keep a stop at the recent low of $28.38.
If you feel like buying FAS, a break above $84 would extend the rally. A close below $79 would be very bearish and FAZ would start to break out.
If I had to choose one of these ETF's to buy for February 2012 I'd buy FAZ
Tags: 2012, Direxion, bank, bull, buy., etf, fas, faz, feburary, forum, More…
Views: 252
Replies to This Discussion
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Top MemberPermalink Reply by Ty Ccord on -
i'm going against the grain on this one. bought FAS today @ 88.95. see what happens. i'll be out fast if it drops back below 200sma. showing support today anyway. i don't believe the financial rally is over. thinking it's just getting started.
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Permalink Reply by M. J. Ross on -
I'm a "buy and holder" on this one. Bought it at $60 last Oct. and am expecting a double or 2-and-a-halfer. Call me crazy...but I checked its high in last year's miserable market.
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