The more things change, the more they stay the same. Let's notice that this morning's early weakness in the major equity market ETFs (SPY, etc) popped the ProShares UltraShort SPY (NYSE: SDS) to test last Friday''s high at 47.80 (today's high was 47.66 so far). But that is where the SDS ran out of steam, and since has reversed all the way back down to probe yest.'s low at 46.45 (so far this AM's low is 46.59), all of which leaves behind a wide three day range of about $1.20.

As the SDS pokes around at the bottom of the recent range, let's not forget Mon.'s unfilled gap between 45.20 and 46.80- only part of which has been filled down to 46.45 so far. My inclination is to think that more of the gap will be filled sooner rather than later, which means that I should remain patient (frustrated?) for a press to at least 46.00, if not 45.50 in the upcoming hours prior to entering a new long position in the SDS.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

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