UltraShort SPYs Heading Higher

Nov 10

by Mike Paulenoff, Mon November 10th, 2008

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UltraShort SPYs Heading Higher
By Mike Paulenoff, www.MPTrader.com

So far this morning the high at 91.11 in the UltraShort SPY (AMEX: SDS) hit the lower side of my original target zone of 91.10 to 91.60. Let's notice that just above current prices -- at 91.90-92.00--the SDS will smack into a powerful near-term resistance line from the late October peak (late Oct low in the SPYs), which if hurdled will argue that a new and powerful upleg commenced this morning at 84.25

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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