TodayLikely FAZ will just grind along the bottom this morning, and then firm up later in the day. The short term bottom is either in or within a few cents for FAZ. I expect we'll see a push up for FAZ to around $13.20 or so next few days. Possibly it could go as high as $13.60 to fill the gap at the Sept 13 open.
After that then FAZ is heading down to around $10 imo. There are lots of ways to play this of course. One can buy and hold FAZ here with the understanding that it should drop some more. The bigger picture is excellent though, and if one did hold it, it has plenty of upside in the coming months.
One can exit on a pop for FAZ up to $13's, then sit in cash and wait for FAZ to come down. Pick it up lower.
My preference is still to buy FAS on the dips. Have to be careful with this strategy though given that a crash is looming. I still see enough upside for FAS to make it worthwhile, and there is time before the downturn.
VIX up solidly this morning.
SC