Short Semiconductor ETF (SSG) On The Move

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By Mike Paulenoff | Published 01/28/2010 | Stocks | Unrated

Short Semiconductor ETF (SSG) On The Move

The UltraShort Semiconductor ProShares ETF (SSG) has rocketed to the upside after today’s early weakness, and is set to put in a key upside reversal day. If at today’s close the SSG is above 20.71, the key reversal will be satisfied, which likely will coincide with the start of a new upleg that projects to 23.20. Beyond the reversal, let’s also notice that today’s lift-off occurred from the 50-day MA, which adds a bit of muscle to the upmove.

Kathy Lien is Director of Currency Research at GFT, and runs KathyLien.com.

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