BOUGHT +35 TNA @23.68

By Paul | Published: January 15, 2009

820 on the S&P 500 seem like a good support.  Notice in Figure 1 that we have tested it on slightly higher TICK and even Advance-Decline line.  That’s a positive intraday divergence right there.  So I’ve entered a short term trade using TNA (3X Small Caps) since its chart look relatively good too.  I have placed a hard stop at $22.50 to limit my loss if this bet is wrong.  My target is $35.

S&P 500 intraday

S&P 500 intraday

3X Small Caps ETF

3X Small Caps ETF

I considered entering into FAS (3X Financials) for a bounce.  FAS actually look better for a bigger bounce on the chart.  But I just don’t have the audacity to go long with the financials at this time.

3X Financials ETF

3X Financials ETF

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