Times like these have me checking in on the bottom fishing screen, inside The PPT, to help find inflection points. Do we A.) buy the dip or B.) buy some inverse ETFs to take advantage of more downside to come.
If numerous inverse ETFs start popping up, normally it is a sign of things to come, ie. more weakness.
Up until today, there were no inverse ETFs on this list, but today, the infamous TZA made the list. I still would like to see a bit more inverse funds pop up on the screen, versus many individual names, for me to get bearish. As of now, I just don’t see the bear case playing out, but things can change.
Couple that, with the fact the overall hybrid scrore is nearing the buy zone, and I think you have to look to buy the dip. Here are some names worth persuing from the bottom fishing screen, click here for charts.