People looking to profit from a short-term bounce higher should consider a leveraged index ETF. The one I use in The Kelly Letter is looking especially ripe for more upside.
A good way to judge trading opportunities on indexes is by watching their MACD and RSI scores. Both together, along with the price chart, give good indications as to whether the odds favor rising or falling from here. The short-term read on nearly every major index right now is for more upside.
Browse over the leveraged index ETFs at ProShares for some ideas. If you run charts on any of them and examine the MACD and RSI, you’ll see that about 15% to 20% short-term gains look likely from here.
I’ll be discussing this in more detail in this weekend’s Kelly Letter.
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