A $3-5 Trillion what?

The always prescient Todd Harrison of Minyanville.com discusses the possible ramifications of a $3-5 trillion fund to backstop European sovereign debt issuers and holders.

Is this more medicine to mask symptoms or a cure of the disease?

To me it sounds like medicine, but of such strength, that it might begin to provide some intermediate to long term optimism for the financials.

I am long 1 lot of the FAS, and have cancelled my swing sell of this lot in the mid 12s. I have also canceled an earlier buy of the FAZ in the low 50s. This fund could be a game changer, so I want to see how the market responds to it over the next few weeks.

In my view, we still have slower global growth, and the increasing possibility of a recession here in the states, as well as a highly probable partisan presidential election cycle that will not inspire confidence in the electorate.

In any case, I will watch and wait to see if I want to begin buying the FAS for anything more than a short term swing trade.

Disclosure: Long FAS.

***remember this is an illustration of what i am trading and my thinking...it is not a recommendation for you or anyone else to buy or sell this or any other security...trade at your own risk...my positions my change at any time without notice***