Market is likely gassed on this parabolic move today. After such a huge run over the last 2 months, this is likely the blow off top for now. But, I wouldn't expect anything more then a 2-3% pullback maybe to the 20ema around 1180. Market needs to regain some energy before blowing past 2010 highs.
Part of the reason for 1.5% jump in the markets today was the news that President Obama is willing to discuss keeping the Bush tax cuts for all taxpayers. Though from more current reports it appears that for the highest taxpayers he's more willing to discuss it as opposed to implement. This is a positive development, but the market has taken the market has gotten ahead of the news. Discussing and approving are 2 very different options.
This trade more then doubles the short already held in the Drexion 3x Small Cap Bull (TNA) at $59.16 for the Opportunistic Portfolio. It also just hedges a leveraged position so it by no means signals a bearish stance. Just covering profits without having to cash them in and pay short term taxes.
Disclosure: Short TNA