The market sold off heavy after the Fed announcement came out on Wednesday. We closed at the lows of the day and on higher than average volume. This means that the market will likely continue lower. For those that traded the FAZ, I'd like to see some of those success stories. That was a big move. The TZA should continue to rally higher as the market trends lower. One bit of concern is that the market dropped to the lower range support line of this sideways channel (see the chart on the 9/9/11 blog posting). The market could possibly chop sideways right here if that support area holds. If we drop below it...and almost any move down tomorrow would drop us below it, we should see the S&P 500 test the 1120 area...or lower.
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