No idea what TECS' pps would be sitting at if QQQ hit $28. That answer requires a pretty serious crystal ball considering QQQ direcly holds stocks and TECS trades options, etc. and doesn't hold stocks. So, it depends on the amount of time it took QQQ to hit that level and how much bouncing & jostling the charts had in getting there and the economic conditions that caused it.
Generally, IMO, TECS will never recover an amount equivelent to QQQ or any index decrease. It's better than some other Direxion beauties like TVIX and VXX, but it still drops proportionately faster than $RITEC rises and rises proportionately slower when $RITEC drops. $RITEC closed Friday within a hair of its YTD high back in April. TECS was then $8.35. TECS closed $7.66 yesterday. All things being perfect, TECS should be $8.50-ish. Instead there's a decay courtesy of contango of about 8% in less than 6 months.
Don't get me wrong- when/if the market collapses, I'd rather be in TECS than QQQ, but until that happens TECS is headed to the dirt (and may actuall be dead). If I bought now, I'd be afraid that even with a total market collapse, it'd be really long term before I saw my principle back if even at all.
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