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My foreign exchange work on Dollar/Yen is screaming at me to short the yen against the greenback via the ProShares UltraShort Yen ETF (NYSE: YCS) as a reflection of what should be deteriorating fundamentals in Japan (commodity procurement as oil and other commodities climb, as well as continued sluggishness in global consumption which will retard Japanese exports...as well as rising U.S. interest rates vis-a-vis Japanese rates). This is a relative new product from Proshares, which trades an average of 85,000 shares per day... so I am initiating a "starter position" in our model portfolio and will monitor it closely. No chartwork for today's Mid-Day Minute.
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!
