I've watched the market too much today looking for the perfect entry point to short. (I will not let this become a routine habit.) I'd much prefer doing something useful with my time. At any rate, I'm back in the game and I'm officially 50% short. Earlier today I bought a large chunk of TZA, but I don't have the guts to go 100% short right now like the JT Comp. There's just too much momentum, too much liquidity, and too much positive end of Jan. seasonality. So, I'm keeping 50% safe in cash.
Here is my prediction after some serious research the last few days. The markets are so overbought that I expect a dip this week of 30-40 SPX points. (Let's target ~1470 at a minimum...) I also expect that dip to be aggressively bought. So being nimble will be the name of the game. If I can get out with a decent profit for my first trade of the year, I'll take it...
Glad to be back!! Take care!
Position: Long TZA 10.98