TZA, daily
Summary
The Rus'2000 small cap was higher by around 1.15%, and indeed, TZA is acting exactly as it is meant to.
From a price perspective, TZA needs to show some sign of levelling out in the next day or two, or it will be in real danger of taking out the $15.00 low from earlier this month.
If my broad outlook on the indexes is correct - with a new index wave lower into Dec/January 2013, then TZA should show a decisive turn higher, but as ever...good stops will be important, in case the bull maniacs somehow manage to hold the market together.
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Clearly, the ultimate stop level for TZA is the QE low @ 13.35, although that is a good 15% lower from the current price.
