Market Lows and 3x ETFs TNA TZA

It’s obvious we’re testing the recent market lows here.  It’s do or die.  Failure here could send the market to 2003 lows.  One bright spot yesterday was a cboe p/c equity ratio of 1.0 intraday, which points to sign of extreme put buying.  That’s bullish.

I don’t like that the indexes recently had the buy signals on Monday with higher high daily candles.  Those higher low pivots shoulds have held.  Fast moves can occur from those failed signals… hence the two day drop.

I’ve been watching the two new 3x small cap ETFs TNA and TZA from Direxion.

Yesterday TZA gave a buy signal after gapping higher and never looked back.  I bought some TNA after hours last night near 32.10.  These have the capability to really move.  I project a price target in the 80’s for TNA if that Nasdaq gap up at 1947.19 gets filled.  Yes the two new ETFs are thin.