TZA 38.00 Calls @ 2.66
TVIX @ 21.00
I just don't see anyone wanting to hold going into this weekend. I don't see the market closing flat, even if the dollar is down modestly. I'll be closing these positions before the end of the day.
Alcoa just reported Q2 earnings of $.32/share, meeting expectations...or so says much of the financial media. Looking back at multiple articles from this morning, all I see is consensus estimates of $.33/share...and that was after being lowered 8% in the last month. [more]
While most indexes were flat (even as gold, oil, and the dollar rallied), financials fell nearly 1% today and are sitting just below their 50 day average again. This also means that financials failed to break above the upper trendline of the downward trend that started in February. Unless financials rally here, this will be the third time financials have failed to break out of their current down-trend. Financials climbed 4% last week, but they look set to give it all back in the coming weeks...negative news concerning the BAC settlement after-hours increases the bearish case for financials. [more]