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.

Rebound Expected in S&P UltraShort ETF


The ProShares UltraShort S&P (AMEX: SDS) plunged to a new low this morning at 50.43, but has since recovered to 50.99, just 3 cents from unchanged on the session. My pattern work argues that the SDS ended the most recent downleg from the 5/24 recovery peak at 52.71, which in and of itself is reason to expect some type of rebound. However, my pattern and oscillator work are "warning" me that perhaps a more important low has been established ahead of a larger, more intense counter-trend recovery -- that projects to the 53 area at a minimum and possibly to the 55 level thereafter.
  • 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!