^based on BAC CEO buying 1 mil shares, and a false rally because Jobless claim is so crappy, that Uncle Sam is bound to do something over the weekend

these 2 points make it extremely dangerous to hold, way too many uncertainties and no principle change in the market condition. Day trade at best.

hey wouwou, what are your thoughts on bac/citigroup? you think those are a good hold for the weekend since the stimulus plan voting is tonight?

Personally I wont, I consider any long term holding of C/BAC to be gambling right now, you might as well get FAS and hold it if you REALLY REALLY want to, but with the recent Fed moves such as FRE, FNM, TRAP, CEO .5 Mil restriction etc, as well as the lowering yield on the C's hybird bonds all indicate a realistic probability of BAC being nationalized, in which case all commons and perferred will be literally wipeout. It dropped 11% last month, more than it did in 2008. Similar to BAC bonds too.

I am waiting for FAZ to lower into the 30s and I might get a few :) No underlying change, increasing spending with no foreseeable end to the drop in the near term = false rally. It will probably hit 250, even 300, but I dont think in the near term it will turn the market.

just my 2 cents.

This financial rally is based on the eliminating mark-to-market rumor. We'll find out soon enough if that's true, but i wouldn't buy any financials at this point.

What will hit 250-300 wouwou? no way FAZ will reach that mark lol..

I meant DOW, not FAZ. I know I should be watching S&P, but I find myself better at reading the overall market trend with DOW for some reason.

It's still Friday morning, I am not THAT drunk to think FAZ will hit 250, well not yet lol

As for the Mark to Market rumor, I see that as a way to put the bad bank online without too much of a negative fallout. I believe that rumor came out yesterday or on Wednesday and BAC instantly went positive, from a double digit read lol

Sold off half the shares...and kept what i can afford to lose. Regardless thanks for your 2 cents.

Anyone in bac this morning?

I am

shorted some @ 7, just to see :D

Hpefully we hear some positive results tomorrow!

Jackpot

:D

i got the fuck out in the open lol!

my short got eaten up @ 5.8 stop ah crap.

looks like FAS time now

the senates vote is coming out soon...wonder what will happen.

we all know it will pass given the Dem's majority control, it's just what they are going to do to the financial institutes that matter.

What Geithner said amounts to nothing, ABSOLUTELY NOTHING. That's why it dropped 270 in a second. only 2 things can boost the market right now, either 1, bad bank, a short term "feel good" treatment that will eventually fail, or 2, do to BAC/C what they did to FNM/FRE, which will literally wipeout the common.

Neither is mentioned, so nothing is going to change.

Stim passed, and it looks like the 8000 support is broken

and Jim Rogers just bashed the plan lol

that's like Cramer saying "buy the banks"!

lol@the market

very happy today.

Now only if FAS hits 7s, I am gonna load up :)

I'm starting to like this FAS shit.

I shorted the shit out of that at 11.20 - 11.31 spread on Monday afternoon and yesterday it was near $8 and I pulled out like a porn star.

I purchased again first thing in the morning and it's up $0.50 cents.

I usually only trade futures but this is harsh giving me a boner.

well it is a 3x ETF :)

on a good day it is better than SEX

fas looks really good now...good time to enter?

im pretty sure faz owner will be selling soon.

damn got out too early...that was crazy.

FAS @ sub 9 is still considered good you know

:D

questions for you guys who buys FAS and FAZ

is it just like any other stock that i could place an order for? and do these stocks have an expiry date?

it seems like you guys are making tons of money from these things!

yes, the same you buy say AAPL, GOOG

and

kinda, read up on leveraged ETFs about the decreasing NAV over time.