Closing the leveraged inverse ETFs (TZA, SPXS, FAZ) and initiating a leveraged long using TNA.
I may be early, but it is a low risk shot with good risk/reward with a stop at 71 on the TNA
I will sell close to 80 if we get there, adding and scalping along the way.
Why am I inclined to go long here?
I see support at yesterday’s low print on the SPY. This is just a short term reversal that I am playing. I have no firm conviction beyond the next day or two.
I also started a position in LABU a 3 x Bull Biotech ETF. Stop at 35 on that one.