Quote from hajimow:
I believe TZA is architected based on future PUTs of RUT. You can get more info online. IWM has been very strong recently so I expect more pullback once the market starts to falter.
You might be right, but if you care abt seasonals, this is the most bullish time for IWM during the most bullish time of the year for the equitiy market. IWM is behaving better than its bigger cap cousins today as well.