Positions in QID, MZZ, and DUG were sold into the surge Thursday, as the market retraced; an unheard of event lately. DUG was bound to move, as I noted OIH was getting extremely far from it’s 20 dma. The rubber band can only stretch so far before it comes back to the mean. The next step is to watch the retracement of this pullback. Stay on the long side until short side ETFs make higher highs.
