With the SP500 up 3.5% in the last 2 trading days, decided to take a small hedge going into the jobs report tomorrow. Shorted roughly a 5% position in Drexion Small Cap Bull 3x (TNA). This stock has shot up from $32 last week to $38.5 today. Also these 3x ETFs tend to be long term losers so being short will work out unless the market surges.
Regardless the main goal is to buy some protection in the Opportunistic Portfolio that was leveraged at 1.8x. TNA will provide good protection because the short will win in either down or flat markets. Only an extremely bullish market does this ETF lose and we're already set up to profit from a big market move up. Will hold onto unless the jobs report is extremely bullish tomorrow and markets regain the 200EMA around 1,093.