DNY59
I have said for most of 2022 that I plan to buy a small position in the ProShares UltraPro QQQ ETF (NASDAQ:TQQQ), the 3x leveraged Nasdaq 100 ETF, if I saw capitulation and panic in the markets. I haven’t seen it
Is TQQQ A Buy After Last Week's 25% Pop?
Summary
- TQQQ had a massive rally at the end of last week as broader indices saw large spikes on Thursday and Friday.
- The index is heavy on big tech companies, most of which have rich valuations even after this year's selloff.
- I still haven't seen the fear or capitulation that I'm looking for as a contrarian buy signal.
- The ETF remains on my watchlist, and I'm still looking for a chance to start a small position in TQQQ.
You can find me on Substack at Kontrarian Korner: CPA and former Big 4 auditor. I break down investments in qualitative and quantitative terms, and I look for investments that will compound my money over the long term.
Analyst’s Disclosure:I/we have a beneficial long position in the shares of AMZN, ATVI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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