ProShares UltraPro Short QQQ (NASDAQ: SQQQ)

에 대한 최신 뉴스 ProShares UltraPro Short QQQ (NASDAQ:SQQQ)

ProShares UltraPro Short QQQ

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The Fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The Index is designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. The Index includes non-financial companies listed on the Nasdaq Global Select Market or the Nasdaq Global Market (which include both U.S. and non-U.S. companies). The top 100 companies based on market capitalization are included in the Index. These companies are then weighted based on market capitalization. The Indexs composition and the assigned weights are reevaluated every December, with additional weight adjustments occurring in March, June, and September.

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SQQQ

ProShares UltraPro Short QQQ ETF(NASDAQ:SQQQ)는 나스닥 100 지수 3배 인버스 수익률을 목표로 한다. SQQQ는 미국 국채와 기술주가 급락하는 가운데 수요일 4.11% 상승한 24.56달러에 마감했다.

SQQQ, 채권시장 매도세 속 기술주 하락으로 4% 이상 급등

The ProShares UltraPro Short QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NASDAQ">SQQQ</a>), which aims to deliver three times the inverse performance of the Nasdaq-100 Index, rose 4.85% to $24.74 Wednesday afternoon amid a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45550679/treasury-yields-top-5-these-20-stocks-tanked-in-just-one-hour">sharp selloff</a> in U.S. Treasuries and tech stocks.
What To Know: SQQQ gains value when the Nasdaq-100 falls, making it a <a href="https://www.benzinga.com/government/regulations/25/05/45550324/us-bond-market-flashing-red-30-year-yield-tops-5-prices-tank-to-october-2023-lows">popular hedge</a> during market downturns, especially for high-growth tech shares sensitive to interest rates. Wednesday's surge came after long-term Treasury yields soared past 5%, sparking a broad decline in rate-sensitive equities.
The spike <a href="https://www.benzinga.com/government/regulations/25/05/45550324/us-bond-market-flashing-red-30-year-yield-tops-5-prices-tank-to-october-2023-lows">followed</a> a disappointing $16 billion U.S. Treasury auction for 20-year bonds, which drew weak demand. The bid-to-cover ratio came in at just 2.46, while primary dealers were forced to absorb nearly 17% of the issuance. 
Investors are growing uneasy over rising deficits tied to President Donald Trump's proposed $4.1 trillion tax-cut plan, fueling concerns about fiscal sustainability.
Yields on the 30-year Treasury surged to 5.08%, their highest since October 2023. That pushed bond prices, and interest-rate-sensitive stocks, sharply lower, boosting inverse ETFs like SQQQ in the process.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45550679/treasury-yields-top-5-these-20-stocks-tanked-in-just-one-hour">Treasury Yields Top 5%: These 20 Stocks Tanked In Just One Hour</a>

SQQQ Jumps Nearly 5% As Bond Market Selloff Sends Tech Stocks Sliding

Shares of ProShares UltraPro Short QQQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NASDAQ">SQQQ</a>) fell 5.03% to $28.52 on Friday, as a strong rally in technology stocks and upbeat <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45164558/us-adds-177000-jobs-in-april-topping-forecasts-as-economy-navigates-tariff-impact">U.S. economic data</a> weighed heavily on the ETF.
What To Know: SQQQ is designed to deliver three times the inverse of the daily performance of the Nasdaq-100 Index, making it a popular vehicle for traders betting against large-cap tech.
The fund's losses came as the Nasdaq-100 surged to its highest level since March, driven by a <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45172683/wall-street-eyes-9th-straight-day-of-gains-apple-falls-as-chinese-sales-disappoint-whats-driving-markets-friday">broad-based risk rally</a>. The S&amp;P 500 extended its winning streak to nine sessions, boosted by solid corporate earnings and a stronger-than-expected April jobs report. 
Nonfarm payrolls rose by 177,000, <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45164558/us-adds-177000-jobs-in-april-topping-forecasts-as-economy-navigates-tariff-impact">easily beating</a> the 130,000 estimate, helping ease investor concerns over economic fallout from new tariffs.
Despite a pullback in Apple shares, other mega-cap tech names advanced, contributing to Nasdaq strength. Treasury yields <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45172683/wall-street-eyes-9th-straight-day-of-gains-apple-falls-as-chinese-sales-disappoint-whats-driving-markets-friday">jumped</a> and the U.S. dollar meanwhile weakened, further diminishing the appeal of defensive positioning.
Read Also: <a href="https://www.benzinga.com/25/05/45173760/whats-going-on-with-roku-stock-friday">What&#8217;s Going On With Roku Stock Friday?</a>
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, SQQQ has a 52-week high of $61.60 and a 52-week low of $26.21.
<a href="https://www.benzinga.com/news/24/12/42562050/why-nasdaq-100-inverse-etf-sqqq-is-moving"></a>
<a href="https://www.benzinga.com/news/24/12/42562050/why-nasdaq-100-inverse-etf-sqqq-is-moving"></a>
<a href="https://www.benzinga.com/news/24/12/42562050/why-nasdaq-100-inverse-etf-sqqq-is-moving"></a>

Nasdaq-100 Inverse ETF SQQQ Drops Friday As Tech Rally Pressures Bearish Bets

ProShares UltraPro Short QQQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NASDAQ">SQQQ</a>) shares are trading higher by 8.2% to $38.36 during Friday&#8217;s session. Major indexes are lower following a greater-than-expected rise in the <a href="https://www.benzinga.com/government/regulations/25/03/44536670/gold-grinds-higher-wall-street-falls-as-tariff-inflation-combo-hammer-end-of-week-risk-appetite">PCE price index</a> in February while personal spending missed estimates. Additionally, <a href="https://www.benzinga.com/news/25/03/44539023/whats-going-on-with-ford-stock-2">auto stocks continued lower</a> following recent tariff announcements.
What To Know: Shares of the SQQQ also surged following the release of the University of Michigan's final consumer sentiment report, which painted a bleak picture of inflation expectations and economic confidence. 
SQQQ is a leveraged inverse ETF designed to deliver three times the inverse daily return of the Nasdaq-100 Index (NDX), meaning it thrives when tech-heavy stocks decline.
Read Also: <a href="https://www.benzinga.com/news/25/03/44540582/whats-going-on-with-gm-shares">What&#8217;s Going On With GM Shares?</a>
A sharp rise in five-year inflation expectations to 4.1%—<a href="https://www.benzinga.com/25/03/44537936/consumer-inflation-expectations-skyrocket-in-march-hit-highest-levels-in-32-years">the highest since 1993</a>—alongside plunging consumer sentiment raised fears that the Federal Reserve may keep interest rates higher for longer.
Higher inflation erodes corporate profitability, particularly for growth stocks in the Nasdaq-100, which are sensitive to rising borrowing costs.
As concerns over a weakening labor market and deteriorating consumer sentiment mounted, investors fled riskier assets Friday, triggering a selloff in technology stocks.
Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44535109/feds-favorite-inflation-gauge-rises-more-than-expected-in-february-casting-doubt-on-near-term-rate-cuts">Fed&#8217;s Favorite Inflation Gauge Rises More Than Expected In February, Casting Doubt On Near-Term Rate Cuts</a>
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, SQQQ has a 52-week high of $64.95 and a 52-week low of $26.21.

Why Nasdaq-100 Inverse ETF SQQQ Is Up 8%

Market downturns can be both terrifying and opportunistic for investors because while some see drops as a reason to panic, others view them as a chance to buy assets at a discount.
Still, investing during a <a href="https://in.benzinga.com/etfs/broad-u-s-equity-etfs/25/02/43955914/market-could-enter-a-real-correction-expert-warns">market</a> decline is not without risks, especially when using high-risk strategies like leveraging <a href="https://in.benzinga.com/25/03/44332599/exclusive-what-industry-experts-are-saying-about-the-openai-oracle-nvidias-100b-stargate-project-etfs-that-stand-to-gain">ETFs</a> or betting heavily on a continuous downturn. One Reddit user has sparked a lively debate with his very aggressive approach to the current market.
The poster, in his 30s with nearly $1 million to invest, is betting big on a further market drop. He has already committed $370,000 to this approach, which involves selling Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) and using the proceeds to buy ProShares UltraPro QQQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TQQQ#NASDAQ">TQQQ</a>)–a 3x leveraged version of QQQ–and is willing to invest another $550,000.
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&#8220;Normally, I hold QQQ and sell monthly calls [out of the money] with a .15 delta. Try to make 4%-7% on top with dividends. Now that TQQQ is coming down, I am selling QQQ, doing some tax loss harvesting, and buying TQQQ (1x-&gt;3x). The price target for sale is $86. Hoping the market will keep dropping. I swap 50 shares of QQQ for every 1% it drops. I estimate I&#8217;ll be out of money around 25%-35%, depending on how closely I stick to the plan,&#8221; he wrote.
But his strategy isn&#8217;t without concerns. He questions whether the market will actually drop that much, asking, &#8220;What if we don't get there?&#8221; The Reddit community had plenty to say about the investor&#8217;s strategy, so let&#8217;s dive into the comments they left.
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<h2 class="wp-block-heading">Betting Big on Market Drop–Reddit Has a Lot to Say</h2>
Leveraged ETFs are Way Too Risky
Several commenters highlighted the fact that while many investors use leveraged ETFs to amplify their returns, they are risky and urged the poster to proceed with caution.
&#8220;Taking profits? My dude, TQQQ is going under $35 by May. I do swing trade just because of the values and % of my portfolio, but [ProShares UltraPro Short QQQ (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sqqq#NASDAQ">SQQQ</a>)] will still outperform just about any bearish tech strategy unless you just get super lucky with puts,&#8221; a commenter said.
One Redditor explained the concept of decay, which can erode returns over time, meaning that even if the market goes sideways or stabilizes, the investor&#8217;s TQQQ holdings could lose value.
&#8220;It&#8217;s called decay and it happens due to volatility (happens to everything that can be publicly traded, actually) and due to borrowing costs for the leverage. Borrowing costs increase when interest rates are higher, and decrease when interest rates are lower. So over time, even if the price of the underlying stays flat, the price of a leveraged ETF will converge to zero,&#8221; he wrote.
Another user reinforced the idea that leveraged ETFs aren&#8217;t ideal for long-term holding.
&#8220;I would be taking profits soon. S—t decays so fast,&#8221; he said.
While most comments were against the investor using this strategy, some Redditors shared they also employ this approach and agree with it.
&#8220;Wow, I actually am using the same method. I will sell 10 shares of QQQ to exchange TQQQ for every 1% drop. My average cost is $67. However, I only have $150,000 in total before the deadline,&#8221; a Reddit user shared.
See Also: Have $200K saved?<a href="https://www.benzinga.com/money/have-200k-saved-heres-how-to-turn-it-into-lasting-wealth"> Here's how to turn it into lasting wealth</a>
Timing is Everything With High-Risk Strategies
Redditors also cautioned the investor to time the trades well by aligning them with the market momentum rather than fighting it and holding.
&#8220;You didn&#8217;t learn an even more valuable lesson: Don&#8217;t fight the momentum! The momentum has been down, down, down. Until we get economic data, policy data, and/or technical indicators that show the momentum is changing, play the momentum! You didn&#8217;t learn your lesson well. You let [fear of missing out] on a reversal (greed) determine your trade, instead of letting market momentum dictate the trade. And now you are paying the piper,&#8221; a user wrote.
A commenter offered a counterpoint, suggesting that the market may have already bottomed out.
&#8220;I think we bottomed today. There&#8217;s no real reason for the sell-off other than fear and over-leverage. It will come back in time. Per seasonality, April and May are strong months so might as well position now even if we may still be volatile in the short term,&#8221; he said.
&#8220;Once tariffs raise prices in the next months, then hit [consumer price index] and inflation pops up, then the Fed raises rates, we'll be in a longer cycle bear market and TQQQ will bottom after the sell-off. Probably 9-12 months from now,&#8221; another Redditor warned.
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Personal Finance

TQQQ

Aggressive Trader With Nearly $1M in Play Bets Big On Market Drop—'What If We Don't Get There?'—Reddit Debates His High-Risk Strategy

ProShares UltraPro Short QQQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NASDAQ">SQQQ</a>), which offers leveraged inverse exposure to the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), gained 3% to $28.95 Wednesday afternoon as the Federal Reserve <a href="https://www.benzinga.com/news/econ-s/24/12/42561549/fed-slashes-interest-rates-by-0-25-as-predicted-december-dot-plot-flags-only-2-potential-cuts-in-2025">delivered a dovish tone during its December meeting</a>.
SQQQ, designed to rise when the Nasdaq-100 falls, benefits from bearish sentiment toward growth-oriented technology stocks.
What Happened: The Fed lowered the federal funds rate by 25 basis points to a range of 4.25%-4.5%, marking the third consecutive rate cut in 2023. 
However, its updated projections suggest fewer cuts in 2025, signaling persistently higher borrowing costs. This fueled concerns that tech stocks, which are sensitive to interest rates, may struggle under tighter monetary conditions.
Additionally, the Fed raised inflation expectations for 2025, projecting headline PCE inflation at 2.5%. Elevated inflation could pressure future earnings, further weighing on growth stocks.
As rate-sensitive tech valuations recalibrate, traders might turn to SQQQ to capitalize on market volatility.
Read Also: <a href="https://www.benzinga.com/news/econ-s/24/12/42561549/fed-slashes-interest-rates-by-0-25-as-predicted-december-dot-plot-flags-only-2-potential-cuts-in-2025">Fed Slashes Interest Rates By 0.25% As Predicted: December Dot Plot Flags Only 2 Potential Cuts In 2025</a>
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, SQQQ has a 52-week high of $74.80 and a 52-week low of $27.54.

Why Nasdaq-100 Inverse ETF SQQQ Is Moving

Trading Halt: Halt status updated at 8:55:00 AM ET: Quotation Resumption: News and Resumption Times

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

ProShares UltraPro Short QQQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NASDAQ">SQQQ</a>) shares are trading higher by 5% to $7.78 during Tuesday&#8217;s session amid reports Iran has launched a <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/10/41120592/iran-set-to-launch-ballistic-missile-attack-against-israel-report">ballistic missile attack</a> against Israel. 
This escalation in hostilities comes in response to an Israeli airstrike that resulted in the death of Hezbollah leader Hassan Nasrallah.
What To Know: SQQQ is an inverse exchange-traded fund (ETF) designed to deliver three times the inverse performance of the Nasdaq-100 Index. In simpler terms, when the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) falls, SQQQ is positioned to rise significantly, making it a popular choice for investors looking to hedge against downturns in technology-heavy stocks. 
With escalating geopolitical tensions and the U.S. government heightening its military presence in the region, investors are increasingly wary of the implications for global markets.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41122944/east-coast-dockworkers-strike-how-labor-dispute-impacts-economy-logistics-companies">East Coast Dockworkers Strike: How Labor Dispute Impacts Economy, Logistics Companies</a>
As Israel prepares for ongoing confrontation, concerns are mounting about the implications of a broader military engagement that could draw in U.S. forces. Such developments are typically detrimental to equity markets, particularly high-growth sectors dominated by technology stocks, which are heavily represented in the Nasdaq-100. 
In times of geopolitical uncertainty, SQQQ can become an attractive asset for those looking to profit from market volatility.
According to data from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, SQQQ has a 52-week high of $23.34 and a 52-week low of $6.93.

Why Nasdaq-100 Inverse ETF SQQQ Is Up 5%

Global equity markets have been under pressure in recent sessions amid fears of a potential U.S. recession, triggered by cooling labor market conditions <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40141685/s-p-500-falls-for-third-straight-week-middle-east-in-turmoil-fed-holds-steady-but-u">and struggling manufacturing activity. </a>
Despite last month&#8217;s business surveys showing expansion in services activity, investors remain worried that the world&#8217;s largest economy may be slowing down, which could curb U.S. household discretionary spending and reduce corporate profits.
Risky assets have been at the epicenter of the current market turmoil, as stocks worldwide experienced heavy declines. 
<ul>
<li>Over the past three sessions, Japan&#8217;s Nikkei 225 index plummeted by 19.5%, marking its worst three-day drop since the index&#8217;s inception in 1950.</li>
<li>The Russell 2000 index, which tracks U.S. small-cap stocks, experienced a 10% decline during the same period.</li>
<li>The Nasdaq 100, represented by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), has seen a 12% drop from its all-time highs in July.</li>
<li>The CBOE Volatility Index (VIX), often referred to as the market fear index, surged to briefly hit 60 points on Tuesday, its highest level since March 2020.</li>
</ul>
<h3 class="wp-block-heading">What Has Happened To Interest Rate Futures? </h3>
Recession fears, coupled with global equity market turmoil, have sparked wild speculation about Federal Reserve interest rate cuts.
A week ago, the market assigned only an 11.4% chance to a 50-basis-point rate cut in September, a probability that has now surged to 97.5%, according to the CME Group FedWatch tool.
Similarly, a week ago, the probability of year-end interest rates falling to 4-4.25% was zero, but as of Monday, it has rocketed to 72%.
<h4 class="wp-block-heading">Market-Implied Probabilities For Sept. 18&#8217;s Fed Meeting</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Rate-cut event</td>
<td>Now&#x2A;</td>
<td>1 Day Ago</td>
<td>1 Week Ago July 29, 2024</td>
</tr>
<tr>
<td>50bp to 4.75-5%</td>
<td>97.5%</td>
<td>74%</td>
<td>11.4%</td>
</tr>
<tr>
<td>25bp to 5-5.25%</td>
<td>2.5%</td>
<td>26%</td>
<td>88.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data: CME Group as of August 5, 2024 11:20 ET</figcaption></figure>
<h4 class="wp-block-heading">Market-Implied Probabilities For Dec. 18&#8217;s Fed Meeting</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Year-end fed funds rate</td>
<td>Now&#x2A;</td>
<td>1 Day Ago</td>
<td>1 Week Ago, July 29, 2024</td>
</tr>
<tr>
<td>4-4.25%</td>
<td>71.8%</td>
<td>66.8%</td>
<td>0.0%</td>
</tr>
<tr>
<td>4.25-4.5%</td>
<td>28.2%</td>
<td>33.2%</td>
<td>0.0%</td>
</tr>
<tr>
<td>4.5-4.75%</td>
<td>0.0%</td>
<td>0.0%</td>
<td>65.1%</td>
</tr>
<tr>
<td>4.75-5%</td>
<td>0.0%</td>
<td>0.0%</td>
<td>34.9%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data: CME Group as of August 5, 2024 11:25 ET</figcaption></figure>
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40160872/goldman-sachs-raises-us-recession-odds-treasury-yields-tumble-yen-rallies-as-trader">Goldman Sachs Raises US Recession Odds: Treasury Yields Tumble, Yen Rallies As Traders Bet On Heavy Fed Rate Cuts</a>
<h3 class="wp-block-heading">5 ETFs Rallying On Global Market Turmoil</h3>
While global equity markets have experienced significant declines, safe-haven assets have maintained their status and effectively shielded investor portfolios from volatility.
Moreover, leveraged and inverse investment strategies on equity indices or stocks have also seen sharp rallies amid market selloffs. 
Here are 5 exchange-traded funds (ETFs) that have rallied over the last few sessions: 
<ul>
<li>The Invesco CurrencyShares Japanese Yen Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXY#NYSE">FXY</a>) has been a significant beneficiary of the global market rout, as declining interest rate expectations in the United States have reduced the dollar&#8217;s &#8220;carry trade&#8221; advantage against the yen. Over the past four sessions, the FXY ETF has surged by 6.6%, marking its strongest rally since October 2008.</li>
<li>The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) has posted gains for eight consecutive sessions, surging over 3.1% last Friday as fears of a cooling U.S. labor market emerged.</li>
<li>The ProShares Trust VIX Short-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIXY#NYSE">VIXY</a>) skyrocketed by over 20% on Monday alone, and by nearly 66% over the last three sessions. </li>
<li>The ProShares UltraPro Short QQQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NASDAQ">SQQQ</a>), which aims to achieve investment results equal to three times the inverse of the daily performance of the Nasdaq 100 index, has surged by over 23% in the past three sessions.</li>
<li>The ProShares UltraPro Short Russell 2000 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRTY#NYSE">SRTY</a>), designed to seek an investment performance equal to three times the inverse of the daily move of the Russell 2000 index, has rallied by nearly 33% in the last three sessions.</li>
</ul>
<h3 class="wp-block-heading">Chart: Inverse And Leveraged ETF Strategies on US Small Caps Spike Amid Market Turbulence</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="440" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/05115719/image-16-1024x440.png" alt="" class="wp-image-476859" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/05115719/image-16-1024x440.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/05115719/image-16-300x129.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/05115719/image-16-768x330.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/05115719/image-16-1536x660.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/05115719/image-16.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Image: <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent080524&amp;t=be2bearmibe3na1">Benzinga Pro</a>
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<li><a href="https://www.benzinga.com/government/24/08/40164105/potential-iranian-attack-on-israel-could-rattle-markets-what-happened-to-stocks-when-russia-invaded">Potential Iranian Attack On Israel Could Rattle Markets: What Happened To Stocks When Russia Invaded Ukraine?</a></li>
</ul>
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Large Cap

Macro Economic Events

Bonds

Broad U.S. Equity ETFs

Specialty ETFs

New ETFs

Currency ETFs

Small Cap

Treasuries

Econ #s

Economics

Federal Reserve

Tech

ETFs

SRTY

iShares Trust Barclays 20+ Year Treasury Bond Fund

VIXY

How To Navigate Market Volatility: 5 ETFs That Strengthen Your Portfolio During Stock Turmoil

Three hedge fund associations are suing the Securities and Exchange Commission in a bid to overturn <a href="https://www.benzinga.com/economics/macro-economic-events/23/10/35244887/sec-adopts-rule-to-increase-transparency-into-short-selling-and-amendment-to-cat-">that they say &#8220;impair price discovery.&#8221;</a>
The National Association of Private Fund Managers (NAPFM), Alternative Investment Management Association (AIMA) and the Managed Funds Association (MFA) have jointly filed a lawsuit asking the U.S. Court of Appeals for the Fifth Circuit to &#8220;invalidate&#8221; two rules recently adopted by the SEC requiring hedge funds to report details of securities loans and short selling activity.
Two new rules were approved by the SEC in October that require:
<ol>
<li>Certain fund managers to report their short sales to the SEC within 14 days of month end. The agency publishes the data on a delayed basis, keeping fund manager information confidential.</li>
<li>Financial companies that facilitate securities loans disclose information about those transactions to FINRA on a daily basis.</li>
</ol>
<h2 class="wp-block-heading">Exec: SEC Rules &#8216;Impair Market Efficiency&#8217;</h2>
The petitioners argued the rules would apply contradictory and incoherent approaches to two aspects of the same underlying transaction and run counter to the SEC&#8217;s stated mission to protect investors and maintain fair, orderly and efficient markets.
&#8220;The rules will impair market efficiency and price discovery and harm market participants and investors,&#8221; said Jack Inglis, CEO at AIMA.
He added: &#8220;The SEC should instead take into account their connected nature and apply consistent reporting and disclosure frameworks for these positions.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/equities/23/11/36011485/supreme-court-vs-sec-a-potential-game-changer-for-investors-and-regulators-in-house-courts">Supreme Court Vs. SEC: A Potential Game-Changer For Investors And Regulators&#8217; In-House Courts</a>
Short selling is a common trading strategy of hedge funds and involves borrowing a certain security and selling it on in the expectation its price will fall, then buying it from the vendor at the lower price, thus pocketing the difference.
Hedge funds tend to be largely private companies, but investors can back a number of hedge fund exchange traded funds. The biggest listed in the U.S. is the IQ Hedge Multi-Strategy Tracker ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QAI#NYSE">QAI</a>), which tracks the top strategies of hedge fund managers. It has gained 8.1% in 2023.
Meanwhile, there are plenty of ETFs that track short-selling strategies. The biggest of these is the ProShares UltraPro Short QQQ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NYSE">SQQQ</a>) which inversely tracks the tech-heavy NASDAQ 100 index. Given the performance of tech stocks this year, it&#8217;s safe to say the SQQQ has <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36024237/short-selling-rout-92-of-etf-shorts-were-unprofitable-in-the-last-month">performed badly</a> — down 72%.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/13104955/newplot-10.png" alt="" class="wp-image-160666" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/13104955/newplot-10.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/13104955/newplot-10-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
<h2 class="wp-block-heading">Regulator Faces Further Challenges</h2>
The SEC has come under increasing scrutiny from the investment community in recent months and has been the subject of several filings in U.S. courts. 
Benzinga <a href="https://www.benzinga.com/markets/equities/23/11/36011485/supreme-court-vs-sec-a-potential-game-changer-for-investors-and-regulators-in-house-courts">reported last month</a> that the regulator was being heard in the Supreme Court in relation to the use of its own internal courts when prosecuting financial wrongdoers.
In emailed responses to media requests for comment on the new short selling rules, the SEC said it would &#8220;vigorously defend challenged rules in court.&#8221;
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36024237/short-selling-rout-92-of-etf-shorts-were-unprofitable-in-the-last-month">Short Selling Rout: 92% Of ETF Shorts Were Unprofitable In The Last Month</a>
Photo via Shutterstock.

Equities

Regulations

Short Sellers

Hedge Funds

Markets

General

SEC's New Short-Selling Rules Face Court Challenge, Accusations They 'Harm Market Participants And Investors'

In 2023, retail investors made a comeback.
The stock market was flooded during the COVID-19 pandemic by a wave of novice investors, <a href="https://www.benzinga.com/markets/cryptocurrency/23/02/30876594/chasing-the-robinhood-generation-are-young-retail-investors-still-betting-on-the-market-1">attracted by stimulus checks, extra free time and the new possibilities</a> granted by mobile trading platforms.
Approximately 30 million new brokerage accounts were opened between 2020 and 2021 in the U.S. alone. While some of these investors <a href="https://www.benzinga.com/fintech/23/11/35781373/exclusive-investor-appetite-shifts-towards-bonds-embracing-small-bites-of-risk">left the market once lockdowns were over, a large share of them stayed</a> and recent data shows they've invested in record levels during 2023.
Although millennial-preferred trading platforms such as Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) lost a big share of users between 2021 and 2022, many young investors migrated to legacy brokers like Fidelity, Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) and its subsidiary TD Ameritrade, with new knowledge and experience about the market's ups and downs.
By mid-2021, retail investors accounted for about 10% of the market's trading volume; a big drop from the 15% reached in September 2020, when pandemic-related lockdowns and checks were at their peak, according to Reuters.
In 2022, the average daily trading volume in U.S. stocks coming from retail investors was even lower than in 2021, reaching $13.8 billion against $14.2 billion the previous year.
Yet retail trading picked up in 2023. By February, average daily trading volume from the retail cohort reached a peak of $1.51 billion, beating every other historical peak, including those reached during the heights of COVID-induced trading.
According to a Gallup survey, the percentage of Americans holding stocks has risen consistently since the pandemic, and currently amounts to 61% of the population. It continues, however, below levels seen before the 2008 financial crash.
A recent report by investment firm Public used the platform's trading data to analyze the behavior of retail traders.
Public's investors followed a trend of diversification into different asset classes this year with <a href="https://www.benzinga.com/money/how-to-invest-in-artificial-intelligence">AI-thematic ETFs</a> seeing a major boost in interest following the recent AI boom. Asset class diversity among retail investors rose by 25% on Public.
The ETF share of the total trading market also grew in 2023, showing a shift away from single-stock investment into more traditionally safe strategies <a href="https://www.benzinga.com/news/23/11/35798096/investors-now-more-concerned-about-geopolitical-conflict-than-inflation-bank-of-america-survey-revea">in light of the political and economic volatility experienced of recent times</a>.
In the past three months, the top three ETFs by trading volume were ProShares UltraPro Short QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NASDAQ">SQQQ</a>), ProShares UltraPro QQQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TQQQ#NASDAQ">TQQQ</a>) and SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
In a recent exclusive for Benzinga, Katie Perry, general manager of IR innovation at Public, said <a href="https://www.benzinga.com/news/23/10/35337219/katie-perry-resilient-retail-investors-enter-a-new-phase-of-growth-heres-how-their-participation-in">retail investors are detaching from the meme-stock investor stereotype</a> and growing into a more mature profile.
Fixed-income investments such as bonds and stocks that give dividends became a new preference of this cohort, who's looking to build a less risky long-term investment strategy.
Illustration made with Midjourney AI.

HOOD

SCHW

Retail Investing Peaks In 2023: How Small-Time Trading Matured From Meme Stock Frenzy

Short selling has become vastly unprofitable since the broad <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36008562/big-tech-rally-continues-s-p-500-could-return-11-in-2024">stock market rally</a> began in late October, according to data compiled on short positions in global exchange traded funds (ETFs).
Data from S3 Partners published on Thursday shows that U.S. equity ETFs were the most exposed, and the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 index, was the most heavily shorted fund, and also the least profitable.
In total, 92% of all ETF shorts were unprofitable and 98% of every dollar shorted was an unprofitable trade in the past 30 days.
&#8220;Institutionally, ETFs are primarily used as portfolio hedging vehicles, so one can expect that in an upward trending market most of the larger ETF short positions would have negative returns,&#8221; said Ihor Dusaniwsky, managing director of predictive analytics at S3.
Also Read: <a href="https://www.benzinga.com/news/23/11/36004201/november-rally-sets-treasury-bonds-on-track-for-best-month-in-40-years">November Rally Sets Treasury Bonds On Track For Best Month In 40 Years</a>
<h2 class="wp-block-heading">Least Profitable ETFs</h2>
SPY held average short interest positions of $53.7 billion and saw the biggest increase in short covering as traders were forced to redeem shares in the ETF at a loss. SPY short sellers lost a total $5.5 billion in the past 30 days, or 10% of the total average short positions, as the ETF rose 11.2% since October 27.
Next in line, the Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), known for offering exposure to tech stocks in the NASDAQ 100, was also among the least profitable options for short sellers. selling on QQQ lost $3 billion in dollar terms, or 12% of the total average short interest, as the ETF gained 14% since October 26.
Technology stocks, particularly heavyweights such as Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) have driven the equity rally, with MSFT reaching a series of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36008562/big-tech-rally-continues-s-p-500-could-return-11-in-2024">new all-time highs</a> in the past few days.
The third-least profitable ETF for short sellers was the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), which tracks the Russell index of smaller companies. IWM short sellers lost $1.6 billion as the index climbed 10% this month, as optimism over the interest rate environment prompted investors to back smaller companies.
<h2 class="wp-block-heading">Most Profitable ETFs</h2>
ETFs with the least exposure to the equity market rally provided the best ground for profit for short sellers in the past month. These included specialty short or bearish interest ETFs and oil and gas related products.
Short sellers won a combined $221.9 million on the Proshares Ultrapro Short QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NASDAQ">SQQQ</a>) — the biggest winner over the month.
The next two were ETFs that track the VIX index which, in recent days, has <a href="https://www.benzinga.com/fintech/23/11/35967483/vix-at-pre-pandemic-low-is-wall-streets-fear-gauge-mispricing-risk-of-downturn">fallen to pre-pandemic lows</a> — these made a combined profit of close to $200 million.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36008562/big-tech-rally-continues-s-p-500-could-return-11-in-2024">Big-Tech Rally Continues: S&amp;P 500 Could Return 11% In 2024</a>
Photo: Shutterstock

Analyst Color

GOOGL

MSFT

Short Selling Rout: 92% Of ETF Shorts Were Unprofitable In The Last Month

We performed a screening of Leveraged ETFs to determine what funds had the largest change in net assets on the week, according to data from <a href="http://etfdb.com">etfdb.com</a>.
<h2 class="wp-block-heading">Winners</h2>
ProShares UltraPro Short QQQ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NYSE">SQQQ</a>)
SPTS added $185.27 million in net assets over the trailing week.
The ProShares UltraPro Short QQQ offers 3x daily short leverage to the NASDAQ-100 Index.
SPHY has $3.76 billion in AUM and an expense ratio of 0.95%.&nbsp;
SPHY added $3.25 billion in net assets YTD.
Direxion Daily 20+ Year Treasury Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMF#NYSE">TMF</a>)
TMF added $50.70 million in net assets over the trailing week.
The Direxion Daily 20+ Year Treasury Bull 3X Shares offers 3x long leveraged exposure to the broad-based NYSE 20 Year Plus Treasury Bond Index.
TMF has $2.23 billion in AUM and an expense ratio of 1.06%.
TMF added $2.88 billion in net assets, YTD.
<h2 class="wp-block-heading">Losers</h2>
Direxion Daily Semiconductor Bull 3x Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXL#NYSE">SOXL</a>)
SOXL is down $254.56 million in AUM over the trailing week.
The Direxion Daily Semiconductor Bull 3x Shares offers 3x daily long leverage to the PHLX Semiconductor Index.
The fund has $6.64 billion in AUM and an expense ratio of .94%. The fund is spread across 31 companies with the top 10 holdings accounting for 60.98% of the fund's value.
ITB's largest holdings are Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) making up 16.13% and 6.82% of the fund, respectively.
SOXL is down $1.07 billion in AUM YTD.
ProShares UltraPro QQQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TQQQ#NASDAQ">TQQQ</a>)
TQQQ is down $140.56 million in AUM on the week.
The ProShares UltraPro QQQ offers 3x daily long leverage to the NASDAQ-100 Index.
The fund has $17.56 billion in AUM and an expense ratio of 0.88%.&nbsp; The fund is spread across 128 companies with the top 10 holdings accounting for 48.70% of the fund's value.
ITB's largest holdings are Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) making up 4.59% and 4.10% of the fund, respectively.
YTD, TQQQQ is down $4.55 billion in AUM.

AAPL

AVGO

SOXL

Direxion Daily 20+ Year Treasury Bull 3X Shares

Proshares' Short QQQ Play Tops The List This Week - ETF Winners And Losers: Leveraged Flows

ProShares UltraPro Short QQQ ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sqqq#NASDAQ">SQQQ</a>)&nbsp;shares are trading higher by 1.1% to $20.39&nbsp;during Thursday&#39;s session. The ETF is rising amid overall market weakness recent strength in <a href="https://www.benzinga.com/government/23/10/35093711/vix-soars-to-5-month-high-what-surging-treasury-yields-mean-for-stocks">Treasury yields</a>.
SQQQ is primarily designed for short-term trading and market timing strategies. Some investors may use it as a tool to take advantage of anticipated market downturns or as a tactical way to implement short-term trading strategies based on their outlook for the NASDAQ-100 Index.
Why It Matters
SQQQ&#39;s strategy is particularly relevant when applied to the technology <a href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/">sector</a>. The NASDAQ-100 Index is heavily weighted toward technology and growth-oriented stocks. When interest rates rise, it can lead to higher discount rates applied to future cash flows, potentially reducing the present value of future earnings for tech companies.
This can lead to a decline in the stock prices of tech-related firms, which can benefit SQQQ.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/10/35113287/how-the-january-effect-could-spark-tech-stock-renaissance-in-october-q4">How The &#39;January Effect&#39; Could Spark Tech Stock Renaissance In October</a>
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, SQQQ&nbsp;has a 52-week high of $69.55 and a 52-week low of $16.38.

Why Nasdaq-100 Inverse ETF SQQQ Is Rising

<h3>Identifying Reversals Using Leveraged ETFs</h3>
<ul>
<li>Trade signatures offer valuable insights into institutional positioning and intent.</li>
<li>Institutions follow certain patterns when opening and closing leveraged trades.</li>
<li>Institutional behavior on certain dates is predictable.</li>
<li>Institutional positioning suggests we begin October with a rally.</li>
</ul>
<h3>Leveraged ETFs</h3>
Leveraged ETFs are ETFs that aim to return anywhere from -3x to +3x daily returns relative to its underlying ETF.&nbsp;For example, TQQQ (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tqqq#NASDAQ">TQQQ</a>) is 3x leverage against QQQ (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) and will return 3% for every 1% return on QQQ.&nbsp;Likewise, SQQQ&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sqqq#NASDAQ">SQQQ</a>) is the 3x inverse leverage against QQQ and will return 3% for every 1% decline on QQQ.&nbsp;But these ETFs suffer from decay and are not meant to be held for long periods of time.&nbsp;Typically you&rsquo;d only want to hold when the expected move of the underlying is substantial enough to offset the decay that would be suffered during that period.&nbsp;Typically this means holding for hours or days, not weeks or months.&nbsp;Chart any leveraged ETF and you can see that over the long run, they all approach zero.&nbsp;This is by design.&nbsp;
But in short bursts, they can be very profitable.&nbsp;Institutions trade these leveraged ETFs at key junctures when they&rsquo;re planning sharp moves in either direction.&nbsp;Detecting when institutions trade these instruments with size can provide valuable insight about the next move in the underlying.
<h3>Institutional Trade Patterns Using Leveraged ETFs</h3>
After countless hours of observing institutional trades using <a href="Volumeleaders.com" style="color:#0563c1">Volumeleaders.com</a>, a pattern has emerged.&nbsp; Allow me to explain.
When trading at or near local lows and seeking a reversal, institutions will:
<ul>
<li>Build position in the underlying as price declines, create a base, and set a low.</li>
<li>Initiate a short rally, then pullback above the prior low.</li>
<li>Add long leverage on the pullback, followed by longer/stronger rally.</li>
<li>Close long leverage after the stronger rally, signifying its end.</li>
<li>Consolidate.&nbsp;Chop.&nbsp;Establish one more nominal high.&nbsp;Close longs in the underlying as price exhausts.</li>
</ul>
Institutions follow the same process after local highs are made, but in reverse:&nbsp;
<ul>
<li>Build a short position in the underlying.</li>
<li>Initiate a shallow decline, then retrace up.</li>
<li>Add short leverage on the retrace followed by a stronger/steeper decline.&nbsp;</li>
<li>Close short leverage after the sharp decline, signifying its end.</li>
<li>Consolidate.&nbsp; Chop.&nbsp;Establish one more spike low.&nbsp;Close shorts in the underlying as price exhausts.&nbsp;</li>
</ul>
Aside:&nbsp;I&rsquo;m not an Elliott wave practitioner myself, but those that employ EW methodologies in their trading would see leverage trade heavily before and after wave 3 or C, as those are the sharpest moves in any wave structure.&nbsp;Likewise, they&#39;d see large positions established and closed in the underlying near the ends of wave 5 or C, as that&rsquo;s when waves terminate and reverse.
But there&#39;s are nuances to this pattern of course.&nbsp;
<h3>Nuance #1</h3>
When leverage comes out of sequence, it&#39;s often meant to be used in reverse.&nbsp;We saw this twice recently in TMF (3x bull TLT) when disproportionately large trades arrived without large positions in the underlying TLT having been established first, thus signaling they were short positions instead of longs.&nbsp;Here&rsquo;s one example below.
<img alt="untitled_design_37.png" src="https://www.benzinga.com/files/images/2023/October/02/untitled_design_37.png" style="height:313px; width:624px" />
<img alt="untitled_design_38.png" src="https://www.benzinga.com/files/images/2023/October/02/untitled_design_38.png" style="height:313px; width:624px" />
<h3>Nuance #2</h3>
When institutions trade the leveraged bull ETFs with size in conjunction with the leveraged bear ETFs with&nbsp;size, it often signifies an immediate reversal.&nbsp;This can be illustrated by trades seen near the summer high on July 15 in TQQQ and SQQQ which both traded together with unusual size, suggesting institutions are either closing one end to open the other, or they&rsquo;re taking longs in one and shorts in the other.&nbsp;In either case, QQQ reversed upon the arrival of these two trades and a high was made.&nbsp;
<img alt="untitled_design_39.png" src="https://www.benzinga.com/files/images/2023/October/02/untitled_design_39.png" style="height:313px; width:624px" />
<img alt="untitled_design_40.png" src="https://www.benzinga.com/files/images/2023/October/02/untitled_design_40.png" style="height:313px; width:624px" />
These two trades were both made at 4:05pm on July 15, perhaps by the same entity.&nbsp;The trade signatures on these trades offer insights into which is taking place (open &amp; close vs two directionally equivalent opening trades made by shorting one leveraged ETF and longing the other), which brings me to nuance #3.
<h3>Nuance #3</h3>
When a large trade is made with nice round number share size, I favor it being an opening trade.&nbsp;For example, a trade of exactly 1M shares is more likely to be an opening trade than a closing trade.&nbsp;I believe this is partially because humans think in round numbers.&nbsp;We want a million shares of this, or a hundred thousand shares of that.&nbsp;We don&rsquo;t seek to open positions that are cumbersome to track.&nbsp;
But conversely, positions are closed along the way as price meets different targets, or as a function of how much liquidity exists at different levels.&nbsp;Trades aren&rsquo;t necessarily closed in one move as they might be opened. The likelihood that an institution wants exactly 1M shares is less than the likelihood that an institution has exactly 1M shares on the books to sell.&nbsp; Positions are often opened in one move, and then closed along the way as partial profits are taken as price nears its target.&nbsp;What&#39;s left at the end is the closing trade.&nbsp;
Further, large round-number blocks are also commonly found as market maker hedges against options positions.&nbsp;If an institution wants to purchase 10,000 option contracts, the hedge will be 1M shares.&nbsp;As time passes and those options decay, and price moves away from the price at which they were traded, the resulting hedge will diminish in size, and market makers will reduce the size of their hedge accordingly to remain delta neutral.&nbsp;When the options are closed out, what remains of the hedge will be closed with it, and that&rsquo;s often an odd-lot number of shares.
Now, sometimes opening trades are odd-lot numbers too.&nbsp;A trade of 1,473,291 shares could be an opening trade or a closing trade.&nbsp;But it&rsquo;s less common that closing trades are nice round numbers.&nbsp;So, if I see a round number of shares on a disproportionately large trade, I assume it&#39;s a new opening trade unless I have reason to believe otherwise.&nbsp;In the example above from July 15, both trades were round number sizes, suggesting they were both opened.&nbsp;
TQQQ &ndash; Exactly 1,200,000 shares.
SQQQ &ndash; Exactly 3,000,000 shares
Simply put, I think they bought SQQQ and shorted TQQQ at the same moment to capture as much of the expected move lower in the underlying QQQ as they could by using both leveraged ETFs concurrently.&nbsp;
<h3>Why Is This Relevant?</h3>
That brings us to Friday&rsquo;s trades in QQQ, TQQQ, and SQQQ.
At 2:09pm we got exactly 2,400,000 shares of QQQ traded on the open market.&nbsp;It ranked 15th largest since inception, making it meaningfully large.&nbsp;It was a round number of shares, and it appeared on the open exchange during regular trading hours, so my interpretation was that it was a hedge against a large options position being opened, though it didn&rsquo;t have to be.&nbsp;More importantly, it appeared near a local low after several days of selling which led me to believe it was bullish positioning for the simple reason that institutions buy low and sell high.&nbsp;
<img alt="untitled_design_41.png" src="https://www.benzinga.com/files/images/2023/October/02/untitled_design_41.png" style="height:313px; width:624px" />
Two hours later, we got disproportionately large trades on in SQQQ and TQQQ on a dark pool.&nbsp;
TQQQ - 700,000 shares.
SQQQ - 2,300,000 shares.
Based on what I explained above, these two disproportionately large, round-number trades present as opening trades that were directionally the same, just as we saw on July 15.&nbsp;Given that we already had a very large trade in QQQ near the low two hours earlier, I concluded that all three trades were all working together and were directionally bullish.&nbsp;But let&rsquo;s dig further.
The SQQQ chart below shows that price made a small double top just before the trade arrived.&nbsp;I also see that we&#39;ve had a decent run up over the past several sessions.&nbsp;Given the technical pattern and the fact that institutions buy low and sell high, this trade suggests it&rsquo;s meant to take SQQQ lower, which is bullish for the underlying QQQ.&nbsp;Given its trade size, one can infer that it&#39;s an opening position.&nbsp; As such, I think it&#39;s a new short.&nbsp;
<img alt="untitled_design_42.png" src="https://www.benzinga.com/files/images/2023/October/02/untitled_design_42.png" style="height:313px; width:624px" />
TQQQ didn&rsquo;t trade as much inventory as SQQQ, but just like SQQQ, it was the largest trade since August 28.&nbsp;Conclusion:&nbsp;Institutions are doing the same thing that they did when both appeared together on August 28 and July 15,&nbsp;positioning for a reversal.&nbsp;This time it&rsquo;s bullish.
July 15 &ndash; Directionally Bearish
TQQQ &ndash; 1,200,000 shares
SQQQ &ndash; 3,000,000 shares
August 28 &ndash; Directionally Bullish
TQQQ - 1,300,000 shares.
SQQQ - 2,500,000 shares.
Sept 29 &ndash; TBD - But I think directionally bullish
TQQQ - 700,000 shares.
SQQQ - 2,300,000 shares.
<img alt="untitled_design_43.png" src="https://www.benzinga.com/files/images/2023/October/02/untitled_design_43.png" style="height:313px; width:624px" />
Looking back at the last time this happened on August 28, we can see we got a $15 QQQ rally from August 28-Sept 1.&nbsp; The trades that came in on Friday in SQQQ, TQQQ, and of course the #15 ranked trade in QQQ itself all suggest to me we&#39;ll move higher this week.&nbsp;
From a timing perspective, Friday was EOQ, and with that often comes window dressing.&nbsp; That means institutions scoop up all the big sexy names like AAPL, MSFT, NVDA, and GOOG at the close so they can report to Ma &amp; Pa 401K holder that they own the recognizable names.&nbsp; But what institutions typically do next is take price up on the first of the month to re-sell some or all those shares right back to us at higher prices.&nbsp; Once they&#39;ve redistributed those shares, they can move on with whatever their original plans were and rotate back into the names they want (which may or may not include the mega-caps).&nbsp;
Further supporting this notion is that Friday was the first day in a while that we&#39;ve seen large top-100 ranked trades in the mega-caps.&nbsp;It&#39;s been eerily quiet during this decline of the past two weeks, a characteristic that is common during selloffs.&nbsp;If institutions aren&rsquo;t trading large, they aren&rsquo;t buying large, and when they aren&rsquo;t buying large, prices decline.
Here&#39;s a snippet of Friday&#39;s large megacap trades.&nbsp;Stop by volumeleaders.com any time to visualize these trades.
<img alt="untitled_624_x_158_px.png" src="https://www.benzinga.com/files/images/2023/October/02/untitled_624_x_158_px.png" style="height:158px; width:624px" />
<h3>Review</h3>
Disproportionately large opening trades (presumably) in QQQ, TQQQ, and SQQQ, all within a couple hours of each other, all after days of selling in QQQ, all on the last trading day of the month, and accompanied by large trades in mega-caps.
Institutional positioning suggests a rally in QQQ is imminent.&nbsp;Assuming we get one, I don&#39;t know how high it will go or how long it will last, but institutions will at minimum need to spend enough time higher than Friday&rsquo;s close to sell the mega-caps they picked up at EOQ.&nbsp;
Postscript: High-Yield bonds also posted a disproportionately large trade after hours on Friday.&nbsp;Exactly 5M shares traded, the largest trade since July 10 and ranked 59th largest since inception.&nbsp;This trade is consistent with an opening buy as price sits on the convergence of the 4H Keltner bottom and the daily Keltner bottom, an area where buying is more common than selling.&nbsp; Buying junk bonds would be a risk-on signal for stocks in the near term and supportive of bullish positioning in QQQ.
<img alt="untitled_design_44.png" src="https://www.benzinga.com/files/images/2023/October/02/untitled_design_44.png" style="height:313px; width:624px" />
<img alt="untitled_design_45.png" src="https://www.benzinga.com/files/images/2023/October/02/untitled_design_45.png" style="height:525px; width:624px" />
DISCLAIMER:&nbsp;If at any point, QQQ trades below $357.44, this thesis is wrong and something else is at play.&nbsp;Doing so would suggest these trades are not being defended, thereby nullifying any near-term bullish thesis.
Website:&nbsp;<a href="https://www.volumeleaders.com/register" style="color:#0563c1">volumeleaders.com</a> &ndash; 7 Day Free Trial.&nbsp;12 tickers are always free to all registered users.&nbsp;
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&nbsp;
&nbsp;

Trading Ideas

Identifying Reversals Using Leveraged ETFs

ProShares UltraPro Short QQQ ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sqqq#NASDAQ">SQQQ</a>)&nbsp;shares are trading higher by 1.1% to $21.34&nbsp;during Wednesday&#39;s session. The ETF is trading marginally higher as&nbsp;<a href="https://www.benzinga.com/markets/equities/23/09/34944429/s-p-500-nasdaq-set-to-rebound-despite-soaring-bond-yields-analyst-warns-of-volatility-persisting">Treasury yields rise</a> Wednesday. Rising oil prices are also weighing on the broader market.
SQQQ is primarily designed for short-term trading and market timing strategies. Some investors may use it as a tool to take advantage of anticipated market downturns or as a tactical way to implement short-term trading strategies based on their outlook for the NASDAQ-100 Index.
Why It Matters
SQQQ&#39;s strategy is particularly relevant when applied to the technology <a href='https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/'>sector</a>. The NASDAQ-100 Index is heavily weighted toward technology and growth-oriented stocks. When interest rates rise, it can lead to higher discount rates applied to future cash flows, potentially reducing the present value of future earnings for tech companies.
This can lead to a decline in the stock prices of tech-related firms, which can benefit SQQQ.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/23/09/34944429/s-p-500-nasdaq-set-to-rebound-despite-soaring-bond-yields-analyst-warns-of-volatility-persisting">U.S. Stocks Struggle As Fed Sounds Hawkish</a>
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, SQQQ&nbsp;has a 52-week high of $69.55 and a 52-week low of $16.38.

<h3>How To Take Advantage Of A&nbsp;Recent Market Fall</h3>
The stock market has been falling in recent weeks, with the S&amp;P 500 down over 6.25% since the beginning of September. The recent market fall is due to a number of factors, including:
<ul>
<li>Rising interest rates: The Federal Reserve has been raising interest rates in an effort to combat inflation. Higher interest rates make it more expensive for businesses to borrow money, which can slow economic growth.</li>
<li>Strong dollar: The US dollar has been strengthening against other currencies in recent months. A strong dollar makes it more expensive for US companies to export their goods and services, and it can also make foreign goods and services cheaper for US consumers. This can lead to lower profits for US companies, and it can also weigh on the US economy.</li>
<li>Concerns about a recession: There is growing concern among investors that the US economy may be heading for a recession. A recession is a period of economic decline that lasts for at least two consecutive quarters. Recessions can lead to job losses, business closures, and lower consumer spending.</li>
</ul>
The recent market fall has been widespread, with stocks in all sectors feeling the pain. However, some sectors have been hit harder than others. For example, technology stocks have been particularly hard hit, as investors worry about rising interest rates and a potential recession.
It is important to note that market corrections are a normal part of investing. A market correction is defined as a decline in the stock market of at least 10% from a recent peak. Market corrections can be caused by a variety of factors, including economic uncertainty, geopolitical events, and changes in investor sentiment.
<img alt="" src="https://www.benzinga.com/files/u1289625/crash2.png" style="height:310px; width:624px" />I
Investors should not panic when the stock market falls. Instead, they should focus on their long-term investment goals and make sure that their portfolio is diversified. Diversification means investing in a variety of different asset classes, such as stocks, bonds, and cash. This can help to reduce risk and maximize returns over the long term.
If you are concerned about the recent market fall, you should speak with a financial advisor. A financial advisor can help you to assess your risk tolerance and investment goals, and they can develop a financial plan that is right for you.
<h3>Opportunities For Traders To Profit</h3>
While the recent market fall can be concerning for investors, it also presents opportunities for traders to profit. Here are a few ways that traders can take advantage of a falling market:
<ul>
<li>Short selling: Short selling is a trading strategy that allows traders to profit from falling stock prices. To short a stock, a trader borrows shares of a stock from a broker and then sells them on the open market. If the stock price falls, the trader can buy back the shares at a lower price and return them to the broker, making a profit. Short selling is a risky strategy, but it can be very profitable in a falling market.</li>
<li>Buying inverse ETFs: Some examples are ProShares UltraShort S&amp;P500 ETF (ARCA: SDS),&nbsp;ProShares UltraShort QQQ ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sqqq#NASDAQ">SQQQ</a>),&nbsp;and ProShares UltraShort Russell 2000 ETF (ARCA: SRTY)</li>
<li>Inverse ETFs are exchange-traded funds that track the opposite performance of a particular index or sector. For example, an inverse S&amp;P 500 ETF will go up as the S&amp;P 500 goes down. By buying inverse ETFs, traders can profit from a falling market without having to short individual stocks.</li>
</ul>
<img alt="" src="https://www.benzinga.com/files/u1289625/crash4.png" style="height:310px; width:624px" />
<ul>
<li>Put options: Put options give the holder the right, but not the obligation, to sell a stock at a specified price by a certain date. If the stock price falls below the strike price of the put option, the holder of the Put can sell the put option at a profit. Put options can be used to hedge a portfolio against losses in a falling market, or they can be used to speculate on falling stock prices.</li>
</ul>
It is important to note that all of these strategies are carry risk, and they should only be used by experienced traders. Traders should always do their own research before making any investment decisions.
Here are some additional tips for traders who are looking to take advantage of a falling market:
<ul>
<li>Have a trading plan: Before you start trading in a falling market, you should have a trading plan in place. This plan should outline your trading goals, risk tolerance, and exit strategy.</li>
<li>Use risk management: It is important to use risk management techniques when trading in a falling market. This means setting stop losses to limit your losses and position sizing to control your overall risk.</li>
</ul>
Sandra Stone&nbsp;has a professional discord service providing beginner and advanced traders with daily live trading sessions, trade alerts for day, futures, and swing trades. Custom trade indicators and trader tools like options flow and Gamma.&nbsp;She provides education and coaching in small groups and one-on-one training sessions.&nbsp;
Sandra can be reached on her website,&nbsp;<a href="https://tradingmadesimple.org/">TradingMadeSimple.org</a>, and on&nbsp;<a href="https://twitter.com/Options_Sandy">X</a><a href="https://twitter.com/Options_Sandy.%C2%A0">.&nbsp;</a>She can also be reached by phone at 714-202-7361 every trading day.

Profiting from A Falling Stock Market: How To Turn A Crisis Into A Trading Opportunity

ProShares UltraPro Short QQQ ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sqqq#NASDAQ">SQQQ</a>)&nbsp;shares are trading marginally higher by 0.8% to $18.72&nbsp;Wednesday morning. The ETF is trading near session highs ahead of <a href="https://www.benzinga.com/federal-reserve/23/09/34761643/fed-meeting-preview-will-rates-hold-steady-despite-inflation-concerns">Wednesday&#39;s Fed decision</a>.
SQQQ is primarily designed for short-term trading and market timing strategies. Some investors may use it as a tool to take advantage of anticipated market downturns or as a tactical way to implement short-term trading strategies based on their outlook for the Nasdaq-100 Index.
Why It Matters
Investors may expect the Fed to signal that it is willing to keep raising interest rates until inflation is under control.&nbsp;Even if the Fed does not raise interest rates more aggressively than expected, it may signal that it is willing to keep raising interest rates until inflation is under control.
This could also lead to a sell-off in stocks, as investors may become concerned about the potential for a recession. This would also likely cause SQQQ to rise.
What To Expect Today
As the Federal Open Market Committee (FOMC) prepares to reveal its rate decision at 2 p.m. ET on Wednesday, market watchers and economists are speculating about the Federal&nbsp;<a href="https://www.benzinga.com/federal-reserve" target="_blank">Reserve&rsquo;s next actions.</a>
The consensus view is that the Fed is likely to maintain its current interest rates in the range of 5.25%-5.5%...<a href="https://www.benzinga.com/federal-reserve/23/09/34761643/fed-meeting-preview-will-rates-hold-steady-despite-inflation-concerns">Read More</a>
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, SQQQ&nbsp;has a 52-week high of $69.55 and a 52-week low of $16.38.

ProShares UltraPro Short QQQ ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sqqq#NASDAQ">SQQQ</a>) shares are trading lower by 1.6% to $18.19 Wednesday morning. The ETF is trading lower following&nbsp;<a href="http://www.benzinga.com/economics/macro-economic-events/23/09/34533564/inflation-spikes-beyond-forecasts-to-3-7-in-august-forces-markets-to-rethink-fed-" target="_blank">worse-than-expected U.S. inflation data</a>.
In the immediate aftermath of unexpected news, such as a significant inflation spike, markets can often exhibit a counterintuitive reaction. While one might expect an inverse leveraged ETF like SQQQ to rise due to concerns about inflation&#39;s impact on the tech-heavy NASDAQ-100 Index, it&#39;s essential to remember that these ETFs are designed for short-term trading and are based on daily returns.
SQQQ is primarily designed for short-term trading and market timing strategies. Some investors may use it as a tool to take advantage of anticipated market downturns or as a tactical way to implement short-term trading strategies based on their outlook for the NASDAQ-100 Index.
Inflation Surges Beyond Expectations&nbsp;In August
The annual CPI inflation rate soared from 3.2% in July to a notable 3.7% in August 2023, surpassing economist expectations of a 3.6% increase.
On a monthly basis, the CPI accelerated sharply, rising by 0.6% in August, a stark contrast to the 0.2% increase seen in July, but in line with expectations. This marked the sharpest monthly CPI increase since June 2022...<a href="https://www.benzinga.com/economics/macro-economic-events/23/09/34533564/inflation-spikes-beyond-forecasts-to-3-7-in-august-forces-markets-to-rethink-fed-" target="_blank">Read More</a>
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, SQQQ&nbsp;has a 52-week high of $69.55 and a 52-week low of $16.38.

Over the last 20 years, September has been one of the worst months of the year in terms of&nbsp;performance. Over that time frame, the S&amp;P 500 has experienced upward movement in 12&nbsp;of those 20 years (60%), yet the average return for the month is -0.4%. Compare that to November which has averaged 2.1% returns over the last 20 years and moved higher 80% of the time
These stats are applicable if trading the SPDR S&amp;P 500 Trust (ARCA: SPY) or even the Invesco QQQ Trust Series (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) as the Nasdaq 100 has performed similarly to the S&amp;P 500 in September.
<img alt="SPY seasonality based on month of year performance" src="https://www.benzinga.com/files/u55920/spy_seasonality.png" style="height:412px; width:624px" />
Note that the chart says 2003 to 2022&nbsp;to reflect the last 20&nbsp;completed&nbsp;months of September. Chart courtesy of StockCharts.com.
Over the past 10 years,&nbsp;the S&amp;P 500 has performed even worse in September. It has moved higher in five of the last 10 years (50%) and has lost an average of -1.4%.
As for other indices, the NYSE Composite has witnessed upward movement in September in 11&nbsp;of the last 20 years. That is 55% of the time, and the index has averaged a loss in September of -0.4%. Over the past decade, the NYSE Composite has experienced upward movement in four out of 10 years, with an average September return of -1.4%.
The NYSE Composite is a very broad index, including companies from all industries and of all sizes. It is representative of a &quot;typical stock&quot; and shows that a wide range of stocks don&#39;t perform well in September.
The&nbsp;Nasdaq 100 index, which is highly focused on large&nbsp;<a href="https://www.benzinga.com/tech" target="_blank">technology</a>&nbsp;companies, has shown upward movement in 10 of the last 20 years (50%). On average, the index lost -0.3% in September. Over the past ten years, the average return has been -1.7%&nbsp;and the index has moved up in three out of those 10 years (30%).&nbsp;
<h3>Portfolio Strategies&nbsp;For September</h3>
September is a tougher month for stocks and thus there are different ways to manage it.
Long-term investors can stay the course and stick with a buy-and-hold strategy. A slightly weaker month (historically) isn&#39;t a reason to sell, especially since October and November tend to be some of the strongest months of the year. Over the long term, the S&amp;P 500 has returned about 10.5% per year, and the <a href="https://tradethatswing.com/historical-average-returns-for-nasdaq-100-index-qqq/">Nasdaq 100 has returned 14.3%</a>&nbsp;per year, even with all the yearly and monthly ups and downs.
Swing traders and shorter-term traders may be interested in <a href="https://tradethatswing.com/creating-a-buy-the-dip-stock-list-with-a-scanner/">buying the dip</a> in fundamentally strong stocks if the stock prices pull back in September. Recall that September is followed by historically strong months in October and November, so a pullback in September can provide an advantageous buying opportunity.
Coming into September, Energy, Consumer Cyclicals, and Industrials have been the strongest sectors over the last three months.
The S&amp;P 500 and Nasdaq 100 are currently in uptrends. While September tends to be a bit slower month for many stocks&nbsp;it is still worth looking for trade setups on the long side as the uptrend could continue, or buying fundamentally strong stocks on a September dip could be advantageous.&nbsp;&nbsp;
The ETFs themselves are also tradable. SPY and QQQ&nbsp;are some of the&nbsp;<a href="https://tradethatswing.com/best-etfs-for-day-trading-updated-regularly/" target="_blank">most actively traded ETFs</a>, and there is also the option to gain additional exposure through leveraged ETFs such as the Proshares Ultra Pro QQQ (Nasdaq: <a class="ticker" href="https://www.benzinga.com/stock/tqqq#Nasdaq">TQQQ</a>) or the ProShares UltraPro Short QQQ (Nasdaq: <a class="ticker" href="https://www.benzinga.com/stock/sqqq#Nasdaq">SQQQ</a>)
These ETFs move three times as much on a daily basis as QQQ.
Disclaimer: The author has long-term&nbsp;buy-and-hold positions in S&amp;P 500 and Nasdaq 100-related ETFs.

September Is A Tough Month For Stocks Historically; How To Manage It

Press Releases

ProShares Announces ETF Share Splits

BITI

BOIL

SDOW

ProShares UltraPro Short QQQ ETF(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SQQQ#NASDAQ">SQQQ</a>)는 나스닥 100 지수 3배 인버스 수익률을 목표로 한다. SQQQ는 미국 국채와 기술주가 <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45550679/treasury-yields-top-5-these-20-stocks-tanked-in-just-one-hour" target="_blank" rel="noopener">급락</a>하는 가운데 수요일 4.11% 상승한 24.56달러에 마감했다.
알아야 할 사항: 나스닥 100 지수가 하락할 때 SQQQ는 가치가 상승하므로 시장 침체기, 특히 금리에 민감한 고성장 기술주에서 <a href="https://www.benzinga.com/government/regulations/25/05/45550324/us-bond-market-flashing-red-30-year-yield-tops-5-prices-tank-to-october-2023-lows" target="_blank" rel="noopener">인기 있는 헤지 수단</a>으로 활용된다. 수요일 SQQQ 급등은 장기 국채 수익률이 5%를 넘어서면서 금리에 민감한 주식의 광범위한 하락을 촉발한 후 발생했다.
20년물 국채에 대한 160억 달러 규모의 미국 재무부 경매가 실망스럽게 끝나면서 <a href="https://www.benzinga.com/government/regulations/25/05/45550324/us-bond-market-flashing-red-30-year-yield-tops-5-prices-tank-to-october-2023-lows" target="_blank" rel="noopener">수요가 약세</a>를 보였기 때문다. 응찰율은 2.46에 불과했고, 프라이머리 딜러들은 발행량의 17%에 가까운 물량을 흡수해야 했다.
투자자들은 도널드 트럼프 대통령이 제안한 4조 1천억 달러 규모의 감세 계획에 따른 재정적자 증가에 대한 불안감이 커지면서 재정 지속 가능성에 대한 우려를 불러일으키고 있다.
30년 만기 국채 수익률은 2023년 10월 이후 최고치인 5.08%까지 치솟았다. 이로 인해 채권 가격과 이자율에 민감한 주식이 급격히 하락했고, 그 과정에서 SQQQ와 같은 인버스 ETF가 상승했다.
다른 트레이더들보다 30분 일찍 시장 움직임에 대한 독점 뉴스를 받아보세요.
Benzinga Pro의 독점 뉴스를 통해 수백만 명의 다른 트레이더보다 더 빠르게 유용한 투자 뉴스를 확인할 수 있습니다. <a href="https://www.benzinga.com/pro/register?t=be2bewe5mibe3bz3&amp;utm_source=bz-kor">여기를 클릭</a>하여 14일 무료 체험을 시작하세요.

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