Basic Materials on the Defensive

Dec 22

by Mike Paulenoff, Mon December 22nd, 2008

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Basic Materials on the Defensive
By Mike Paulenoff, www.MPTrader.com

The ProShares UltraShort Basic Materials ETF (AMEX: SMN) is attempting to emerge to the upside from its recent sideways digestion area between 65.80 and 61.80, which if sustained should trigger upside continuation to 69.00/40 next, but likely on the way to 71.00/50 thereafter -- as the highly touted (Obama infrastructure) basic materials group is on the defensive ahead of New Year's. (10:15 am ET, 67.50).

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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