All those commodity related plays will fall apart just like the dot coms and the housing bubble.... its going to be such a correction its going to be INSANE.
Actually I still own QID, SMN, DUG, DEE and DTO. I believe oil and commodities are ready to correct greatly which could give equities at least a 5% boost. I actually have been adding some longs, added DDM, QLD and more UYG over the last day. Im still bearish, but Im anticipating a bounce back to 11800-12,000, that catalyst will be drop in oil from 140 to around 120-125 a barrel. Now if oil surges ahead and the dollar drops I think sub 11k levels could be here by next week, also keep in mind the VIX is not even close to march highs which makes me think more selling is coming.
I believe that the fed will be forced to do a suprise move of some sort over the weekend to cool crude. Not sure if that means a hike, an enforcement of emergency CFTC authority to limit positions, or something else. Regardless, there is too much pressure on the fed now to act as most of the free world was largely dissapointed at the lack of hawkishness from this weeks meeting. I have sold all of my puts this morning, and bot calls on a few things. The golden ticket in my opinion if there is an action over the weekend is calls on TSO. I am sure there are many others as well.
I need to call Uncle Ben and get him to finally tighten 50bps. I hate having to twist his arm on this elementary kind of stuff.
Its too early for you to capitulate. Please keep up the perma-bull mantra a little while longer - I need to make more money with my short positions.