New Upleg for the Ultrashort S&P
Stock-Markets / US Stock Markets Oct 25, 2007 - 02:35 PM GMTBy: Mike_Paulenoff
My sense in this crazy volatile market is that the ProShares UltraShort S&P ETF (AMEX: SDS) correction from Monday's high at 53.60 likely ended earlier today at 51.07, which happens also to coincide with a "healthy" pullback of about 40% of the entire advance from the 10/11 low at 47.50 to the 10/22 high at 53.60. The structure of the correction, its magnitude, and the upside pivot from 51.07 to 52.00 argue strongly that the SDS has started a new upleg that should climb above 53.60 on the way to 54.75-55.25 next.
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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
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