No Technical Damage Yet to UltraShort Financials ETF
Mid-Day Minute for Mon May 3rd 2010
by Mike Paulenoff, www.MPTrader.com
The UltraShort Financials ProShares (NYSE: SKF) is lower on the session, but has inflicted no damage to the enclosed chart pattern. Right now, the weight of near-term technical evidence argues that each upleg off of every April pivot low exhibits bullish form, while each bout of weakness exhibits corrective form. If my perceptions are correct, then the SKF is building a powerful base formation that sometime, sooner or later, will break out to the upside above 18.55/65.
by Mike Paulenoff, www.MPTrader.com
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