Why I Bought QLD at Friday's Close

| About: ProShares Ultra (QLD)
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While Friday's close didn't scream bottom, I opted to pick up some shares of ProShare's Ultra Nasdaq ETF (NYSEARCA:QLD) near the close for the following reasons:

  • Thursday’s downside volume reeked of capitulation on some scale.
  • Many positive divergences on multiple timeframes, including on the RSI below.
  • Ability to reclaim it’s 200dma after Friday’s opening sell off.
  • It was a hard trade to actually make when it came to clicking “buy”…. sometimes those are very profitable .
  • Finally, I played the down move so well that my head was in a different place. I was able to respond rather than react to the market.