It's a nice thought, but unfortunately leveraged ETFs don't work that way. FAZ tracks the RIFIN, not the Dow. But even if it did track the Dow and the Dow did drop 1.43% to under 10,000, that would increase FAZ by 4.29% from 14.86 (current NAV), which would put it at about $15.50, not $17.
For FAZ to hit $17 it needs to go up 14.4%, which means the RIFIN would have to drop about 4.8%. The Dow has nothing to do with it.
I would have to strongly disagree. SPX looks to drop below the triple bottom at 1040-1044 very soon. It might be the nonfarm number on Friday that is the trigger or it could be Brit. Petrol. declaring bankruptcy or maybe Greek default in August or a combination of some factors, but it will happen soon. If they take out that level on SPX there will be a very ugly break lasting for a couple weeks. Financials are THE most vulnerable to a correction. There is a vig dark, ugly break coming soon.