Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Double Bottom in UltraShort Financial ETF


Tuesday April 27th, 2010
Double Bottom in UltraShort Financial ETF
by Mike Paulenoff www.MPTrader.com

I have no idea where the ProShares UltraShort Financials ETF (NYSE: SKF) might close, but the chart structure below argues strongly that a significant double bottom at 16.68 and 16.94 is in full development, and is now putting upward pressure on the key resistance plateau between 18.30 and 18.60. If and when hurdled, this will trigger upside projections of 19.50-20.00 and then 21.60-22.00. Such a scenario will indicate that the financial sector has established a significant near-term top (SKF bottom) formation.

Take Advantage Of Our Free
7-Day Trial, $7/Month Offer!
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!