UltraShort S&P Climbs to New Recovery High - Mid-Day Minute for Mon March 10th 2008

Mar 10

UltraShort S&P Climbs to New Recovery High

by Mike Paulenoff, Mon March 10th, 2008

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UltraShort S&P Climbs to New Recovery High
By Mike Paulenoff, www.MPTrader.com

Although the ProShares UltraShort Inverted SPY ETF (AMEX: SDS) has climbed to a new recovery high at 70.52 today, my work continues to warn me that unless the buyers propel the price structure into a vertical thrust right from here, the likelihood is that the SDS will reverse from the channel resistance line and make another attempt to swoon towards the 68.00 support area, which is why I don't want to be long the SDS "up here."

Chart

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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