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ProShares UltraShort QQQQ ETF (QID) Should Resume Upleg


After this morning's big down-gap open, I figured that my long position would be stopped out (54.60) before the end of the first hour of trading. Here we are 6 hours later, and the ProShares UltraShort QQQ (AMEX: QID) appear to have survived the worst -- at least for now. If the reaction to tomorrow's Employment Report is negative, then my long position could still be stopped out; however, my near- and medium-term work (as distinct from the micro timeframe) argue that after this bout of weakness runs its course in the 55.00-54.00 target zone, I expect another potent upleg that revisits and hurdles 58.00.
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