This is the reason why I bailed on the TZA trade. I know everyone thinks the market should be going down now. I do to. However, as I pointed out in an email a few weeks ago, the Russell specifically looks like it has one more leg up because its chart is the most clear in terms of elliotwave. So, this should setup a classic 5th of a 5th wave rally to end this 'junk rally' off the March low.
The target on the SPX from day one was always around 1200 to 1250. That's the fibo target from the 666 low to the 1500 high. With the low volume and clear high valuation in the SPX, there is no fundamental case to be made for the market trading up here. Thus, it's a technical market only. If you remember my reasoning for SYNA, the fundamentals were always behind us.
So, per my email the other day, I would either start buying the SQQQ now in small blocks to average in, or just wait until about $65 to $70 for a big entry - which is what I'll do in the account.
There is a presidential cycle that says there is a big rally in the 2nd year of a 1st term pres to the 3rd year, then a big 3rd year selloff. But things are so screwy right now, I just don't know what to think. All tech stocks are WAY overvalued - including AAPL, MSFT, ORCL, RIMM, etc. The glamour boys. Oh, did I forget AMZN?
The chip stocks have no biz trading where they are trading in this kind of an economy. So, what gives? The second the Fed starts to even try to tighten, the bond market should go nuts. If you start to see the 10 year blow through 4%, then you know things are starting to get ugly. That's really when you want to begin taking large short plays.
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