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New Major Upleg for UltraShort Dow

Stock-Markets / Stock Index Trading Feb 14, 2009 - 11:07 AM GMT

By: Mike_Paulenoff

Stock-Markets Best Financial Markets Analysis ArticleRegardless of whatever carrot stick the Administration or Congress dangles in front of the equity market, my work continue to warn me that since the January 6 low at 49.60 in the ProShares UltraShort Dow 30 (NYSE: DXD), the price structure has entered into a major new upleg.


As I see it, the initial upleg of the advance ended in late January at 64.26, while the digestion of the upmove ended last Friday at 57.10. The first upleg of the next advance in the DXD ended at Thursday's high of 66.26, and the decline into Friday's session was the digestion period of the upmove from 2/06 to 2/12.

As I noted to subscribers on Friday, my work suggests that somewhere between 62.50 and 60.00 the next powerful advance will begin. The DXD got down to a low of 61.86 intraday and closed at 63.92. I would only be prepared to risk 61.10 to "be there" for the next upleg.

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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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