Just looking through the watchlist, which I'm not finished as the charts evolve faster now that most of the op-ex activity is over, I'm looking for the strength of divergence, how far it has migrated, the reversal process as some assets haven't even started and some are mature and there are a number of assets that have nothing positive going for them.
Of the market averages, whether using calls (I prefer Oct. Monthly even for a short term position), I favor the QQQ and IWM. The SPY looks ok, the DIA doesn't look good at all.
For equity long 2 and 3 times leveraged ETFs...
QQQ= QLD & TQQQ
IWM=UWM & URTY
If you have to play a precious metal, although conventional wisdom would say gold would perform better, SLV actually looks better, it's borderline for me and since I have GDX which is PM exposure, I chose not to get involved, but I think SLV looks pretty good now.
SLV leveraged long ETFs I prefer the 2x AGQ, there is the USLV 3x leveraged long as well, it is an ETN rather than an ETF.
XLK (technology was getting close), I think this is a toss up (more so in the context of relative performance and stability). If you wanted to use a long leveraged ETF, TECL would be a choice.
5 years ago
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