UltraShort S&P ETF on the Move

UltraShort S&P ETF on the MoveBy Mike Paulenoff, www.MPTrader.com

Today's action in the ProShares UltraShort Inverted SPY (AMEX: SDS) has triggered preliminary indications that the upside directional move in the major market ETFs from February 7 into this morning open is complete, and that a period of pullback has started. If that proves to be the case, then the SDS should perform on the upside for a climb to at least 64.00/20, which should provide a hedge for my long XXH, XLF model portfolio positions, especially ahead of options expiration (tomorrow) and ahead of the approaching 3-day Presidents Holiday weekend.

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