CautionWe're hit some resistance around the first target $13.20 area for FAZ. Let's see if we can fill that gap around $13.60. I'm planning to get out there will a small profit.
I have 2 conflicting patterns for what is coming next in the short term. Therefore, I will likely sit in cash until the picture resolves itself. There are some big moves coming and I don't feel the need to try and be precise at this critical juncture. I'll be pleased to capture most of a large move without taking on too much risk. Above all else, with a crash looming it makes sense to be careful here. I'm comfortable with the big picture crash coming but it's the short term and timing.
There are some strange things going on today. Euro up a lot with mkts down. The yen is up a lot despite the Bank of Japan's efforts to push it down. Gold up. Things are getting unstable.
SC