ProShares UltraShort 20+ Year Treasury (TBT)

TBT (NAL:Financial Services) ETF
$37.21
pos +0.00
+0.00%
Today's Range: 37.05 - 37.93 | TBT Avg Daily Volume: 1,823,900
Last Update: 04/29/16 - 3:59 PM EDT
Volume: 0
YTD Performance: -15.57%
Open: $0.00
Previous Close: $37.44
52 Week Range: $34.62 - $52.25
Oustanding Shares: 57,356,929
Market Cap: 2,147,443,422
6-Month Chart
TheStreet Ratings Grade for TBT
Buy Hold Sell
A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F
TheStreet Ratings is the source for accurate ratings that you can rely upon to make sound, informed financial decisions. Click here to find out about our methodology.
Analysts Ratings
Historical Rec Current 1 Mo. Ago 2 Mo. Ago 3 Mo. Ago
Strong Buy 0 0 0 0
Moderate Buy 1 1 1 1
Hold 0 0 0 0
Moderate Sell 0 0 0 0
Strong Sell 0 0 0 0
Mean Rec. 2.00 2.00 2.00 2.00
Latest Dividend: 0.00
Latest Dividend Yield: 0.00%
Dividend Ex-Date: 12/31/69
Price Earnings Ratio: 0.00
Price Earnings Comparisons:
TBT Sector Avg. S&P 500
0.00 0.00 12.90
Price Performance History (%Change):
3 Mo 1 Yr 3 Y
-5.61% -17.03% -37.71%
GROWTH 12 Mo 3 Yr CAGR
Revenue 0.00 0.00 0.00
Net Income 0.00 0.00 0.00
EPS 0.00 0.00 0.00
Earnings for TBT:
EBITDA 0.00B
Revenue 0.00B
Average Earnings Estimates

Earnings Estimates data is not available for TBT.

Chart Benchmark
Average Frequency Timeframe
Indicator Chart Scale  
Symbol Comparison Bollinger Bands
The key index held at 1,812 last week, so I think it's safe to buy.
As I wrote in my opener, "At a Good Turn, You Will Not Want to Buy," I chronicled gems from legendary technical analyst Wally Deemer and expressed the view that bottoms are rarely accompanied by optimism and buying -- though I am sure the storytellers in the business media likely already will have forgotten their Cassandra-like warnings of yesterday. We closed right on my Fair Market Value calculation of 1864! We closed nearly 60 handles from yesterday's lows/test. I consider today a successful test of the 1812 capitulation low of yesterday and 3 ½ weeks ago. Today's bounce showed how many were offsides and essentially immobilized by the recent declines. Many were clearly short equities and/or crude, and today's up move demonstrated how conservatively positioned the longs are. The contrary worked this week. Does that mean we go straight up?  Obviously not. As I posted, I thought it prudent to scale back my large long exposure to between small and medium in size in front of the weekend. Frankly, I want to enjoy myself and not worry about large positions. My long "Trade of the Week," Citigroup (C), at $37.70 provided no profits but it could have been worse; it closed the week down 15 cents after some drama!  My short "Trade of the Week," iShares 20+ Year Treasury Bond ETF (TLT), was a big win of $4 in about 24 hours. I closed it and my long ProShares UltraShort 20+ Year Treasury (TBT) out.  The U.S. dollar strengthened. Crude was the standout asset class, up by $2.94 to $29.15. Gold gave back $8.60 Agricultural commodities flatlined, with wheat, corn, sugar, soybeans and oats unchanged. Lumber was up $2.10. Treasuries were nine to 10 basis points higher at the longer end  and the yield curve began to steepen from its flatness. Municipals got hit and so did closedend municipal bond funds. High yield was quite strong, maybe the largest gains in weeks. iShares iBoxx $ High Yield Corporate Bond ETF (HYG) was up $1.17 and SPDR Barclays High Yield Bond ETF (JNK) was up 47 cents. Blackstone/GSO Strategic Credit Fund (BGB) disappointed and was flat; I added to an already large holding. Jamie Dimon set the positive tone for banks this morning and so did the Deutsche Bank (DB) bond tender as well as the improvement in crude oil, and boy did the sector respond, with gains of 6% to 8%, albeit from depressed levels. Citigroup rose $2.50, JPMorgan Chase (JPM) was up $4.40 for its best day in five years, and Wells Fargo (WFC) and Comerica (CMA) also rose. I purchased depressed and controversial DB to add to my long list of bank longs. Brokerages shined, with 3% to 5% gains; see Dan Loeb on Morgan Stanley (MS) below. Life insurance stocks reversed yesterday's losses. I covered long-time life insurance shorts and purchased calls after 40% gains in only a few months. Lincoln National (LNC) and MetLife (MET) remain on my Best Ideas List because I plan to short strength. They're oversold for now, as was the market. I added to Hartford Financial Services Group (HIG) and Allstate (ALL) longs.  Retail was stronger despite some downgrades for Best Buy (BBY) and Bed, Bath and Beyond (BBBY). The stocks are dirt cheap. I continue to hold Macy's (M) -- my favorite -- BBY and BBBY. Remodelers Home Depot (HD) and Lowe's (LOW) had dead-cat bounces. Media, though higher, disappointed in its bounce-back. I remain short with small positions in Comcast (CMCSA) and Disney (DIS). Autos were higher. I covered General Motors (GM) today, but it is still on my Best Ideas List as I am a short-seller on 10% strength. Biotech was up 3%, with Valeant Pharmaceuticals (VRX) and Allergan (AGN) performing better.  My 12-stock biotech basket did well. Large caps Celgene (CELG) and Gilead Sciences (GILD) were $2 to $3 higher. Speculative Acadia Pharmaceuticals (ACAD), Portola Pharmaceuticals (PTLA) and Sage Therapeutics (SAGE) -- now up 10% from yesterday -- were stronger. (T)FANG was conspicuously weak, with negligible gains. Tesla (TSLA) was down on the day. The words in my opener rang true: "The market's former leaders (biotech, Internet, health care and consumer discretionary stocks) all seem to be in an initial leg down, but look like they're oversold and could have a weak bounce, with a test to come later. That could represent an important intermediate-term leadership change." Remember, leadership changes are typically not market-friendly.  Let's watch (T)FANG closely in the days ahead. NOSH members were all higher, but not materially so. CRABBY was happy with C, Radian Group (RDN), ALL and Alleghany (Y) faring well. Dan Loeb's Third Point just filed with 3 million shares of MS. He also increased his position in Dow Chemical (DOW). I sold two-thirds of my SPDR S&P 500 ETF (SPY) long rental and half of my iShares Russell 2000 (IWM) at good prices and for profits. This, coupled with some short covers and additional buys (including ALL, BGB and HIG), moved me from a large to between small and medium in

Covering TLT and Selling TBT Real Money Pro($)

I've closed out my "Short Trade of the Week" -- a short of the iShares 20+ Year Treasury Bond ETF (TLT).
Financials and small-caps have broken down, but look oversold. Personally, I'm buying banks and the small-cap iShares Russell 2000 ETF (IWM). The market's former leaders (biotech, Internet, health-care and consumer-discretionary stocks) all seem to be in an initial leg down, but look like they're oversold and could have a weak bounce, with a test to come later. That could represent an important intermediate-term leadership change. A weaker U.S. dollar and a deep-oversold condition have helped most commodity-related stocks and sectors. They've had good rallies and could have a bit of a retracement, but probably a successful test. We're seeing classic signs of a flight to safety. These include higher Treasury and gold prices, a run from U.S. and European bank stocks, a continued widening in junk-bond spreads, a tentative Federal Reserve and fears of an "Ah Ha Moment" for central banks.  An emerging crisis or a final capitulation are the big issues to look out for. I expect the latter, so I'm adding to my net exposure. My "Short Trade of the Week" this week has been to short the iShares 20+ Year Treasury Bond ETF (TLT) and buy the ProShares UltraShort 20+ Year Treasury (TBT). All told, I think it's entirely possible that we get another selling climax, although we're already well into an intermediate-oversold condition. So, I favor the notion that the S&P 500 has made (or will make) a successful test of 1,812. The Bottom Line "Disasters have a way of not happening." -- Byron Wien I currently prefer the contrary view (buy) to the consensus view (sell). I also like second-level thinking rather than the orthodoxy and generally accepted fear factors permeating the markets right now. It rarely pays to be fearful when so many around you are fearful, too. That's why I've expanded my net long exposure into the market's recent weakness. To paraphrase Wally Deemer: No one wants to buy right now, so a good turn might be at hand. To me, the market's current downturn looks like it's getting extreme enough to increase the chance that a mean reversion higher isn't far away. Something's due to change -- and next week might be crucial to resolving it.
Lots of opportunities Thursday, but they were largely inconsequential.

Short Trade of the Week: TLT Real Money Pro($)

The 10-year U.S. Treasury yield has dropped 13 basis points to 1.56% this morning in a flight to safety, while the long bond has shed 11 points to 2.40%.
Different time frames have the same result.
It won't be long before the expectation for more Fed rate hikes comes back into the markets.
A long-side trade is one of very high risk regardless of what the Fed might want to do.
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