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MPTrader Mid-Day Minute
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Share Our Content: Basic Materials Getting Clobbered
By Mike Paulenoff, www.MPTrader.com Wow…Basic materials names are getting clobbered, as evidenced by the vertical thrust of the ProShares UltraShort Basic Materials ETF (SMN), whose major inverse holdings include Monsanto (NYSE: MON), DuPont (NYSE: DD), FCX, and others. The ETF is now assaulting its declining 200 DMA at 37.80. Today's close will be very important for the SMN. Above 38.00, and let's expect upside continuation to 44.25/50 next.
For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
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