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Looking quite closely, you can see how this plays out, even to the penny. I daresay for those who are crazy enough to defy the power of Amazon and its kin, this might be an opportune time to go long QID.
It is typically the nature of leveraged instruments to get completely warped and distorted from their underlying basis. Look no further than USO for screeching evidence of that. Sometimes, however, leveraged instruments seem to follow the rules of charting even better than most “normal” instruments.
Take QID, for example. This is the ultrashort based on the QQQ. It has, naturally, eroded severely over the years, falling from almost $8,000 to a mere $16 recently. In spite of this, it is following trendlines magnificently.
I realize that crude oil seems very cheap right now. Even so, I’d like to suggest that the oil and gas producers have already enjoyed their day in the sun, and energy bulls may want to regard the almost-closed gap with caution. Please take care note of XOP: