MPTrader - S&P UltraShort ETF on the Rise
Stock-Markets / US Stock Markets Jul 31, 2007 - 08:13 PM GMTJudging from the fact that the UltraShort S&P 500 ProShares ETF (AMEX: SDS) declined right to 54.01 from Friday's high at 56.87, held, and then turned up for a rally to the 55.70/75 area as we speak, suggests strongly that the "bullish scenario" (for the SDS, bearish for the major equity market ETFs) is unfolding.
The big question now is whether or not the SDS has started a new upleg, which if true could mean that prices rocket to new recovery highs that project next to 58.
Sign up for a free 15-day trial to Mike's ETF Trading Diary today.
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 Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
© 2002-2007 MPTrader.com, an AdviceTrade publication. All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer.
Mike Paulenoff Archive |
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.