Strong stock but I wouldn’t chase it, especially on this recent near-vertical rip either. If you’re looking to short it, other than any candlestick reversal patterns it might put in, a break below the minor (shortest/closest) uptrend line on this daily chart would provide an objective short entry with targets being any of the two larger (parallel) uptrend lines, 200-day MAs, and price supports down to that 122.91ish level.

Thanks Hermon, i hear you. These are just my risk assets. i maintain a core of 50-70 gold and silver miners that i’ve accumulated over the last 3 years. That’s my base. the rest is more for speculation. When Randy writes about shorting gold i just grin and bear it for a while.

I’m nobody. But I second what Randy said. You were putting nitro glycerin on dynamite, wrapping it in C4 on a nuclear warhead.

Way to much risk

Either way the charts are our guide and this has been incredibly strong during the pullback. Getting a little pararbolic.

I see but keep in mind that typically, the smart money (professionals/commercials) sell options & the dumb money (retail traders.. no offense that you can lump me in that label) buy them. As such, the pros that are selling options are acutely aware of the price decay caused by the leverage on those 2x & 3x ETFs & as such, I’m going to assume they’ve priced that into the premiums on those puts. Again, JMHO as that’s not my wheelhouse. Either way, best of luck!

thank you for your thoughts. maybe i will look at the non-leveraged bull etfs for puts. i just thought with the leveraged ones i would have time and price both working at the same time, hopefully in the right direction. (time decay on the leverage)

A couple of thoughts, FWIW:

First, I’m not a big fan of options. As I like to say, it’s hard enough to get the call right on WHERE is stock or index is headed.. it’s a whole other degree of difficulty not only getting the WHERE (price target) right but also the WHEN (timing). Hence, my preference for trading individual shares, ETFs, & futures (the current V short trade is a good example…look how long it took to hit T4 since the June 9th entry, with T1–T3 being hit very shortly after entry but the stock using T3 at the bottom of a trading range since)

Second, if you do use options, they inherently have more than enough rope (100x leverage) to hang yourself. No need to juice it up anymore by using puts or calls on the leveraged ETFs. And besides, I believe the options on most 1x primary (non-leveraged, such as QQQ vs SQQQ or TQQQ) are more liquid/actively traded than the options on their 2x or 3x leverage counterparts.