RE: 30 cents wiped away..Generally I like FAZ short term, as I see very limited (if any) upside for mkts short term. I do agree the rally is not over by any means though. Later in Sept and Oct I expect another major push. For now the chances of a pullback are good. The question is how much.
Usually when they parade the bulls out there it means we are close to a short term top. Earlier this week Buffett, Paulson and Morgan Stanley were out touting how great things are. Early in Aug, GS and Blackrock put out their buy recomendation at 1125 S&P. The mkt traded up to 1129 and then plummeted. It seems they feel the need to do their "patriotic" duty to "support" the mkt. Or is it just that they want to unload their stock!
The currencies are starting to get volatile and therefore interesting. Euro was up big yesterday, but the mkt sold off at the end anyway. Overnight, Japan manipulated (pardon me intervened) the Yen as I've been suspecting.
S&P bounced up from the 200 day MA 1115 this morning. I would think the next hit should bust that support.
SC