Just a quick update tonight. We closed Friday at the bottom of that channel I pointed out last Thursday night. We could still rally up a bit from here in the short term...possibly back up to the top of that channel. If we close tomorrow below 1140 on the S&P 500, I think we can ignore that correction channel and start to focus on 1040 as the next downside target. I really like the chart on TZA. TZA is a leveraged inverse ETF like the FAZ. It will go up $3 if the Russell 2000 index (small caps) goes down $1. This would be a CALL option recommendation. You could put a stop below the 50 day MA and a profit target around $60 to $65.
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