S&P UltraShort ETF on the Rise

Judging from the fact that the UltraShort S&P 500 ProShares ETF (AMEX: SDS) declined right to 54.01 from Friday's high at 56.87, held, and then turned up for a rally to the 55.70/75 area as we speak, suggests strongly that the "bullish scenario" (for the SDS, bearish for the major equity market ETFs) is unfolding. The big question now is whether or not the SDS has started a new upleg, which if true could mean that prices rocket to new recovery highs that project next to 58.