ProShares UltraPro Short QQQ ETF (SQQQ)

[philg]

A whole weekend to wait and see which way the stock market wind will blow.

Not too long ago getting into this ETF at $37 and change would seem like a dream come true but has the stock market buying madness got more to go, at least in the short term? I guess we'll see.

Bloomberg TV posted that this jump was due to "Institutional investors 'exhaustion'". Maybe that means they are tired of waiting so they're jumping in.

Including February of this year the NASDAQ has peaked three times above it's current price, will it do another peak above any of those peaks, or will it peak between them?

https://www.cnbc.com/quotes/.IXIC?qsearchterm=nasdaq

One peak is not far off. The average high of those three NASDAQ peaks by my unofficial calculation is 14,350. Friday closed at 13,893.84 (up slightly A/H.) (I tabulated the three NASDAQ peaks to be 14,142, 14,490 and 14,418.)

Unofficially, and I hope I got it right, SQQQ moves .87 for each 1 point the NASDAQ moves, so SQQQ needs to move DOWN $4.57 more to reflect the average of the three NASDAQ peaks thus far in 2022 (14,350). (Please check my work if you have the time and inclination.)

Waiting for SQQQ to go down to $33.51 is really tough and what's the likelihood it will even get there?

Of course there is also the question of how much of this jump is due to the Plunge Protection Team/Exchange Stabilization Fund which Lucky Dude turned us on to. https://wallstreetonparade.com/2021/03/janet-yellens-plunge-protection-team-has-142-billion-to-play-with/

Please note that I could be wrong about some or all of this.

Also I DID NOT reference the NASDAQ 100 futures - https://www.cnbc.com/quotes/@ND.1

Maybe I should have, I don't know.


P.S. I saw the movie "Margin Call" again the other night so I'm working the numbers. If you haven't seen it recently you might want to. It deals with what we do. https://en.wikipedia.org/wiki/Margin_Call