Fngu has been on a tear. It's an extremely risky etf since it's a 3x etf... Up over 100 in a little over a month to 516 a share. It probably has a bit more upside, but I will say it's going to be a beautiful short soon. Could easily lose 100 bucks in an instant...
The unleveraged version is FNGS. Might be good to do any analysis on it instead of 2x FNGO or 3x FNGU. One of my strategies does just that and trades FNGU to great effect.
So that the strategy plays out to a great effect whats your take on where it's headed? 550 600....I mean this etf and the nasdaq is a bit overheated. I'm looking for a short entry very soon
This Fugu is good for swing trading. But the chart looks rather jerky. Very Strong uptrend from Mar 2020 Very strong downtrend from Nov 2021 very strong uptrend from Oct 2023 strong downtrend Jul 2024 strong uptrend from Aug 2024 strong downtrend from TBD
I wish I had a good answer but I'm a trend follower as far as large caps and ETFs go. I've been long FNGU since Jan 26, 2023 when unleveraged FNGS last closed above the 200 day moving average. I plan to remain long until FNGS closes under. That could be tomorrow or 10 years from now. No telling but when it does I'll sell. If I ever do call the top though you should probably fade me since that will likely be the better trade.
The 200-day moving averag is 45.67 You get a solid 10% cut in the nasdaq and FNGU is sitting pretty under 350. Doesn't take much since it's a 3x and the fact is that after such a continous run up that any sizeable correction takes even more horsepower to bring it back to it's original highs. July it touched 563 and in just 3 weeks was down over 50% sitting almost at 250 a share....nasdaq at new highs and FNGU now at 525. At this point the risk isn't worth the reward. Could pop to 700 but the next drop in markets will halve it again...
I think at one point this year MAGX outperformed FNGU, which is interesting since MAGX is only a 2X instrument. I was surprised that they replaced CRM with CRWD in the FNGS ETF. They should have just left the original 10 stocks from January 2018 when it started. The liquidity of FNGS options is not very good. I think only the ATM front month is somewhat liquid. It still surprises me that there isn't really a good large cap tech ETF with liquid options.
Getting top heavy again....could jump another 5 or 10% but a simple 5% drop in the nasdaq and say good bye to at least 100 bucks off fngu!! Took a bit of steam but fngu is now above it's recent high right before it dropped over 200 dollars in a few weeks this past summer.