Get Long the ProShares Ultra Dow30 ETF

by Sam Collins   11/14/08
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ProShares Ultra Dow30 (DDM) -- This Exchange-Traded Fund (ETF) seeks daily results, before fees and expenses, that correspond to twice the daily performance of the Dow Jones Industrial Average (DJI).

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Note the buy signals issued by our internal indicator, the Collins-Bollinger Reversal (CBR), on Oct. 10 and Oct. 23, and again yesterday, which tell us that a trade is likely to occur.

This is the third signal within the trading range of $29 to $38 and should give a run up to $38. However the range may expand on this run up and make it to the 50-day moving average (blue line) at $44 or even to the gap at $47-$48.50.

But there is risk. If DDM rolls over and closes under the low at $27.34, watch out below.

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Sam Collins is a registered, fee-based portfolio manager who may be contacted samailc@cox.net. You can also check out an archive of some of his most recent market outlooks by clicking here.

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