Today's action in the ProShares UltraShort Inverted SPY (AMEX: SDS) has triggered preliminary indications that the upside directional move in the major market ETFs from February 7 into this morning open is complete, and that a period of pullback has started. If that proves to be the case, then the SDS should perform on the upside for a climb to at least 64.00/20, which should provide a hedge for my long XXH, XLF model portfolio positions, especially ahead of options expiration (tomorrow) and ahead of the approaching 3-day Presidents Holiday weekend.

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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