xFF is unusual considering the action yesterday where CC was negative, but SPY made a higher low and higher high even if the close was slightly below Fridays.
The way to play the 3x Bulls for the last few years has been to buy CO and sell OC. Note that all the equities listed (including both LABU and XBI) are profitable for the last two months CO. The biodreck swoon started on Feb 9.
The graphic above shows results from days that SPY CO is negative. Even though wOC gets a little better OC doesn’t.
With all the negatives, things are not bad here as prices hold above the sensitive areas at below 390 for SPY and 310 for QQQ.