FAS Update

Remember FAS s a leveraged long ETF on financials...

 This is a clear bear pennant, traders will view this as a bearish consolidation/continuation pattern, it is likely to be shaken out, maybe once or twice (Crazy Ivan)

 The BB's are tightening suggesting that directional move shortly.

 The 1 min chart has been positive most of the day.

More interestingly, we now have a 60 min positive divergence in FAS, remember, the longer the timeframe, the more important the divergence.