Dernières nouvelles pour ProShares Short Dow30 (ARCA:DOG)

ProShares Short Dow30

The Fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The Index is designed to measure the performance of some of the largest U.S. companies. The Index includes 30 of the largest companies except those in the Global Industry Classification Standard (GICS) transportation industry group and utilities sectors. Companies may be included in the Index if the Index provider believes that the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. The 30 companies selected are then weighted based on their price. Companies may be added or removed from the Index at any time. The Index is constructed and maintained by S&P Dow Jones Indices LLC.

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JPMorgan's Meera Chandan is doubling down on the dollar's downfall and placing a bullish bet on the Japanese yen.
What Happened: <a href="https://www.benzinga.com/topic/donald-trump">President Donald Trump'</a>s reciprocal tariffs plunge stocks into the red, there are growing concerns that a recession is possible. 
&#8220;The breadth and size of tariffs have increased recession risks,&#8221; Chandan said. &#8220;Growth is at risk everywhere, including the US.&#8221;
According to Chandan, the currency market is waking up to a stagflationary cocktail: weakening U.S. growth paired with persistent inflation. That combo is taking a bite out of real yields and the greenback&#8217;s allure. As equity allocations fall and capital rethinks its destination, the U.S. dollar is losing its shine.
Chandan sees this as a moment to stay firmly bearish on the dollar, particularly against defensive currencies like the Japanese yen and the euro. But while both offer refuge, she prefers the yen for its relative value. Chandan favors the Japanese yen among traditional reserve currencies, calling it a cheaper defensive option than the Swiss franc.
Read Also: <a href="https://www.benzinga.com//node/44315966">The Rise Of ETFs In Japan: How Investors Can Gain From Bond Yield Surge</a>
The technical picture backs her up. With U.S. real yields sliding and equity investors heading for the exit, the yen&#8217;s low yield becomes a feature, not a bug. Chandan isn't just skeptical of the dollar — she's positioning to profit from its pain.
Her strategy includes staying short USD/JPY and loading up on cross-yen shorts like EUR/JPY, NZD/JPY, and CHF/JPY.
<h2 class="wp-block-heading">How To Play It</h2>
Retail investors looking to follow Chandan's lead might explore the Invesco CurrencyShares Japanese Yen Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXY#NYSE">FXY</a>) for direct exposure to yen strength, or ProShares Short U.S. Dollar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOG#NYSE">DOG</a>) for a broader USD bearish bet.
Meanwhile, those hoping to catch the potential euro tailwind might consider Invesco CurrencyShares Euro Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>).
With U.S. yields buckling under stagflation pressure, Chandan says it's time to cozy up to the yen. The dollar's safe-haven status? Not so safe anymore.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com//node/44665493">US Recession &#8216;Countdown&#8217; Has Begun As Trump Tariffs Push Odds To 45%, Goldman Sachs Warns</a></li>
</ul>
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Short The Dollar, Back The Yen: Analyst Offers Strategy As 'Breadth Of Tariffs Increase Recession Risks'

Inverse ETFs move in the opposite direction as the market. They include the ProShares Short Dow 30 ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dog#NASDAQ">DOG</a>), the ProShares Short S&amp;P 500 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sh#NYSE">SH</a>), and the Direxion Daily Small Cap Bear 3X Shares ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tza#NYSE">TZA</a>).
Some investors believe the stock market will go lower, but they may not want to use complicated options strategies to protect their portfolios. These investors could consider using inverse ETFs as a way to hedge themselves.
See Also: <a href="https://www.benzinga.com/money/what-is-an-etf/">What Is An ETF?</a>
The most widely cited index in the media is the Dow Jones Industrial Average. This index has been calculated and reported on since 1896. Its members include 30 large and well-known companies.
The ProShares Short Dow 30 ETF moves in the opposite direction of the Dow Jones. If the Dow&nbsp;is down by 1%, this ETF should rise by 1%.
<img alt="dog.png" src="https://www.benzinga.com/files/u344550/dog.png" style="height:400px; width:640px" />
The S&amp;P 500 Index is also commonly cited by the media.
This Index is much more broad-based than the Dow. The Dow is made up of 30 stocks, while the S&amp;P 500 consists of approximately 500 stocks.
The ProShares Short S&amp;P 500 ETF&nbsp;moves in the opposite direction as the S&amp;P 500 Index. If the index falls 5%, this ETF should appreciate by about 5%.
<img alt="sh.png" src="https://www.benzinga.com/files/u344550/sh.png" style="height:400px; width:640px" />
The Direxion Daily Small Cap Bear 3X Shares ETF is much more volatile than DOG and SH. It&#39;s structured to move three times inversely to the Russell 2000 Index, an&nbsp;index that consists of roughly 2,000 small-cap companies.
These small-cap stocks tend to be more volatile than the larger company stocks in the other indices. If the Russell 2000 drops by 1%, this ETF will gain about 3%.

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3 ETFs To Buy If You're Bearish

With last Friday&#39;s 4.55% slide, the Dow Jones Industrial Average erased all of the gains accrued since President Trump won the 2016 election. Using the SPDR Dow Jones Industrial Average ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dia#NYSE">DIA</a>) as the guide, the blue-chip index enters Monday 35.14% below its 52-week high.
Traders considering bearish and inverse leveraged exchange traded funds on the Dow would clearly be onto something, particularly with <a href="https://www.benzinga.com/government/20/03/15625661/dow-jones-s-p-futures-hit-limit-low-as-trumps-economic-stimulus-hits-senate-roadblock">Dow futures swooning again Sunday evening</a>. Things are so bad in fact for the index to start 2020 that each of the benchmark&#39;s 30 components are in the red and 25 of those stocks are down 20% or more.
That could be a sign the once beloved Dow could be in for more near-term downside, bringing with it opportunity in the following bearish ETFs.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/20/03/15579781/the-most-shorted-etfs-amid-the-coronavirus-market-crash">The Most Shorted ETFs Amid The Coronavirus Market Crash</a>
<h2>ProShares Short Dow30 (DOG)</h2>
The ProShares Short Dow30 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dog#NYSE">DOG</a>) is a good idea for risk-averse investors that are looking for <a href="https://www.benzinga.com/trading-ideas/long-ideas/20/03/15587661/gold-etfs-betray-safe-haven-reputation-in-march-market-meltdown">short-term hedges</a> or to participate in some of the broader market&#39;s downside. DOG is an inverse though not leveraged fund, meaning it should deliver a gain of 1% on a day in which the Dow loses 1%.
With Boeing&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) rapid fall from grace, DOG is now an interesting way of hedging long bets in stocks such as Apple (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) and UnitedHealth (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unh#NYSE">UNH</a>), which are now the Dow&#39;s top two stocks.
Remember that the Dow is a price-weighted, not a cap-weighted index, meaning the stock with the largest price tag takes on the largest weight in the in benchmark.
<h2>ProShares UltraPro Short Dow30 (SDOW)</h2>
Some <a href="https://www.benzinga.com/trading-ideas/long-ideas/20/03/15555152/3-leveraged-etfs-for-the-feds-move-to-near-zero">bearish leveraged ETFs are thriving</a> in the current environment and the ProShares UltraPro Short Dow30 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sdow#NYSE">SDOW</a>) is certainly part of that club. Last Friday, SDOW gain 12.83% on nearly double the average daily volume, meaning the bearish Dow fund has more than doubled just this month. That&#39;s tempting, but traders should still treat SDOG as they would any other leveraged ETF.
&ldquo;Due to the <a href="https://www.proshares.com/funds/performance/the_universal_effects_of_compounding.html">compounding</a> of daily returns, holding periods of greater than one day can result in returns that are significantly different than the target return and ProShares&#39; returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period,&rdquo; <a href="https://www.proshares.com/funds/sdow.html">according to ProShares</a>.
<h2>Direxion Daily Technology Bear 3X Shares (TECS)</h2>
Clearly, the first two bearish ETFs highlighted here are dedicated Dow plays. Obviously, the Direxion Daily Technology Bear 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tecs#NYSE">TECS</a>) is an inverse technology play and not focused on the Dow Jones Industrial Average.
However, there are relevant tie ins. With Boeing&#39;s slide, the industrial sector is losing prominence in the Dow while tech is now the benchmark&#39;s biggest sector weight at 24.44%.
TECS looks to deliver triple the daily inverse returns of the Technology Select Sector Index, a benchmark that devotes almost 40% of its weight to Apple and Microsoft (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>). That index is also home to four more Dow components:&nbsp;Visa (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/v#NYSE">V</a>), Intel (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/intc#NASDAQ">INTC</a>), Cisco (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/csco#NYSE">CSCO</a>) and IBM (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ibm#NYSE">IBM</a>).
So yes, TECS is a fine way for active traders to put on short-term, bearish Dow positions.

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3 ETFs To Short The Dow

June is almost here and if history repeats, the arrival of the sixth month of the year isn&#39;t good news for equities. Over the past 20 years, the S&amp;P 500 has averaged June declines of 0.5 percent, making June the <a href="https://charts.equityclock.com/sp-500-index-seasonal-chart">fourth-worst month</a> of the year for the benchmark domestic equity gauge.
While June is also the fourth-worst month of the year for the Dow Jones Industrial Average, the blue-chip index&#39;s average June decline is worse than the S&amp;P 500&#39;s <a href="https://charts.equityclock.com/dow-jones-industrial-average-seasonal-chart">at 0.9 percent</a>.
<h3>
	What Happened</h3>
Year-to-date, the SPDR Dow Jones Industrial Average ETF (NYSE: <a class="ticker" href="/stock/dia#NYSE">DIA</a>), the largest exchange traded fund tracking the Dow, is up 0.6 percent, including dividends paid.
However, that statistic belies weakness in most of the index as 20 of the Dow&#39;s 30 components are lower year-to-date. Six of those 20 stocks, including Goldman Sachs Group Inc. (NYSE: <a class="ticker" href="/stock/gs#NYSE">GS</a>) and Procter &amp; Gamble (NYSE: <a class="ticker" href="/stock/pg#NYSE">PG</a>) are down at least 10 percent.
&ldquo;According to the Stock Trader&rsquo;s Almanac, June ranks among the worst months of the year for major indexes. The results are especially poor in midterm election years, as is 2018,&rdquo; <a href="https://www.marketwatch.com/story/dont-get-burned-june-is-the-second-worst-month-of-the-year-for-the-dow-2018-05-25">reports MarketWatch</a>.
<h3>
	Why It&#39;s Important </h3>
Traders looking to profit from potential June declines by the Dow have some options to consider, including the ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>). DOG is an inverse, though not leveraged ETF. That means if the Dow falls 1 percent on a particular day, DOG should rise by 1 percent.
&ldquo;Due to the <a href="http://www.proshares.com/funds/performance/the_universal_effects_of_compounding.html">compounding</a> of daily returns, ProShares&#39; returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period,&rdquo; <a href="http://www.proshares.com/funds/dog.html">said the issuer.</a>
The Dow allocates nearly 24 percent of its weight to industrial stocks while the technology and financial services sectors combine for 34.3 percent of the index&#39;s weight.
<h3>
	What&#39;s Next</h3>
For traders looking to get truly aggressive with their bearish Dow bets in June, there is the ProShares UltraPro Short Dow30 (NYSE: <a class="ticker" href="/stock/sdow#NYSE">SDOW</a>). That ETF is designed to deliver triple the daily inverse performance of the blue-chip index.
Triple-leveraged ETFs, bullish or bearish, should be used as short-term instruments and not held over lengthy time frames.
Related Links:
<a href="https://www.benzinga.com/markets/cryptocurrency/18/05/11793347/as-a-shares-inclusion-nears-this-etf-is-getting-bigger">This China ETF is Growing</a>
<a href="https://www.benzinga.com/markets/cryptocurrency/18/05/11784169/kevin-olearys-oshares-is-planning-five-new-etfs-including-ai-a">O&#39;Shares Plans 5 New ETFs</a>

Consider This Dow ETF In June

Stock tickers aren&#39;t always clever, but there are a handful so perfectly suited to the company&#39;s business...it&#39;s hilarious.
<h3>Some are very simple.</h3>

(NYSE: <a class="ticker" href="/stock/grr#NYSE">GRR</a>): The Asia Tigers Fund, managed by Aberdeen Asset Management Asia Limited.
(NYSE: <a class="ticker" href="/stock/cow#NYSE">COW</a>): The iPath Bloomberg Livestock Total Return Sub-Index.
(NYSE: <a class="ticker" href="/stock/boom#NYSE">BOOM</a>): Dynamic Materials Corp, which owns explosive metalworking and metallic processes.
(NYSE: <a class="ticker" href="/stock/yum#NYSE">YUM</a>): Yum! Brands, which owns a brand portfolio of Taco Bell, KFC, Pizza Hut and WingStreet.
(NYSE: <a class="ticker" href="/stock/eat#NYSE">EAT</a>): Brinker International, an owner and operator of Chili's Grill &amp; Bar and Maggiano's Little Italy brands.
(NASDAQ: <a class="ticker" href="/stock/woof#NASDAQ">WOOF</a>): VCA Inc, an animal healthcare company.
(NYSE: <a class="ticker" href="/stock/moo#NYSE">MOO</a>): The Market Vectors Agribusiness ETF, advised by Van Eck Associates.
(OTC: <a class="ticker" href="/stock/hemp#OTC">HEMP</a>): Hemp Inc, an industrial hemp manufacturer.
(NASDAQ: <a class="ticker" href="/stock/zeus#NASDAQ">ZEUS</a>): Olympic Steel.
(NYSE: <a class="ticker" href="/stock/ben#NYSE">BEN</a>): Franklin Resources.
(NYSE: <a class="ticker" href="/stock/zz#NYSE">ZZ</a>): Sealy Corp, a bedding products company acquired by Tempur-Pedic in 2012.

<h3>Others are funny.</h3>

(NASDAQ: <a class="ticker" href="/stock/cool#NASDAQ">COOL</a>): Majesco Entertainment, a video game product company.
(NYSE: <a class="ticker" href="/stock/fun#NYSE">FUN</a>): Cedar Fair, an amusement park operator.
(NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>): The ProShares Short Dow30 ETF.
(NYSE: <a class="ticker" href="/stock/fish#NYSE">FISH</a>): Azure Midstream Partners, formerly Marlin Midstream Partners.

<h3>And one UK-based fund made... an unfortunate choice.</h3>

(LON:SCAM): The Scottish American Investment Co, managed by Baillie Gifford &amp; Co and OLIM Property Limited.

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There are many indicators that can give us an idea about where <a data-ls-seen="1" data-mce-href="http://www.dailygainsletter.com/key-stock-indices/" href="http://www.dailygainsletter.com/key-stock-indices/" target="_blank">key stock indices</a> may be headed. It may seem obvious, but always remember that nothing is certain until it happens. As I say quite often in these pages, trying to predict the exact top and bottom on key stock indices can significantly damage your portfolio in the case that the markets move in the opposite direction.

	When I am trying to figure out what the next move will be by the key stock indices, I look at investor sentiment; I look at where investors are placing their money and what kind of assets they are buying. For example, when investors think the risks on key stock indices are increasing, they go towards safer stocks&mdash;big-cap companies may be one example. On the other hand, if investors think the key stock indices are moving to the up side, they move into stocks that provide better-than-market returns.

	Also Read: <a data-mce-href="http://www.dailygainsletter.com/nyse-stock-market-holidays-schedule/" href="http://www.dailygainsletter.com/nyse-stock-market-holidays-schedule/">NYSE holidays 2014</a>

	One indicator of investor sentiment that I look at is the relationship between the Utilities Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlu#NYSE">XLU</a>) exchange-traded fund (ETF) and the Morgan Stanley Cyclical Index. The XLU tracks utilities companies that are considered safer by investors because their products or services are needed regardless of economic conditions, like electricity providers, for example. On the flipside, the Morgan Stanley Cyclical Index tracks cyclical stocks, which are the stocks that move with the markets and are considered riskier assets, like furniture retailers, for example&mdash;they are dependent on how the economy is doing overall.

	With this in mind, please take a look at the chart below. It shows the movement in the XLU and cyclical stocks. At the bottom of the chart, I have plotted the performance of the S&amp;P 500.

	<a data-mce-href="http://www.dailygainsletter.com/files/2014/02/Cyclicals-Index-Morgan-Stanley-Index-Chart.jpg" href="http://www.dailygainsletter.com/files/2014/02/Cyclicals-Index-Morgan-Stanley-Index-Chart.jpg" target="_blank"><img alt="Cyclicals Index - Morgan Stanley Index Chart" data-mce-src="http://www.dailygainsletter.com/files/2014/02/Cyclicals-Index-Morgan-Stanley-Index-Chart.jpg" height="331" src="http://www.dailygainsletter.com/files/2014/02/Cyclicals-Index-Morgan-Stanley-Index-Chart.jpg" title="Cyclicals Index - Morgan Stanley Index Chart" width="551" /></a>

	Chart courtesy of www.StockCharts.com

	As is shown in the chart above, an interesting phenomenon is taking place. The utilities stocks are increasing and the cyclical stocks are sliding lower. This tells me that investors believe risks are increasing on the key stock indices. As this is happening, we also see the overall market, represented by the S&amp;P 500, is sliding lower as well.

	Will the key stock indices continue to slide lower?

	Looking at the strength in the utilities stocks and the weakness in the cyclical stocks, the key stock indices do look to be facing some downside risk. On a global macro-economics level, we are hearing how the emerging markets are facing troubles. This could add more to the risks already at hand in the U.S. economy.

	If the key stock indices slide lower, investors can protect their wealth by adding an ETF like the XLU to their portfolio. The other strategy investors may consider taking is to look at ETFs that short the overall market. One of these ETFs may be ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>). This ETF increases in value when the Dow Jones Industrial Average declines.

	This article <a data-mce-href="http://www.dailygainsletter.com/investment-strategy/the-one-chart-stock-market-bulls-cant-ignore/2515/" href="http://www.dailygainsletter.com/investment-strategy/the-one-chart-stock-market-bulls-cant-ignore/2515/" target="_blank">The One Chart Stock Market Bulls Can&rsquo;t Ignore</a> was originally published at <a data-mce-href="http://www.dailygainsletter.com/" href="http://www.dailygainsletter.com/" target="_blank">Daily Gains Letter</a>

The One Chart Stock Market Bulls Can't Ignore

&nbsp;

	 
	By&nbsp;<a data-ls-seen="1" href="http://www.dailygainsletter.com/author/mohammadzulfiqar/" rel="author" style="background-color: rgb(255, 255, 255); font-family: Verdana, Arial, Geneva, sans-serif; font-size: 12px; line-height: 16px;" title="Posts by Moe Zulfiqar">Moe Zulfiqar</a>


	 
	&ldquo;Just give up being so negative; there&rsquo;s economic growth in the&nbsp;<a data-ls-seen="1" data-mce-href="http://www.dailygainsletter.com/u-s-economy/" href="http://www.dailygainsletter.com/u-s-economy/" style="font-size: 13px; line-height: 19px;" target="_blank">U.S. economy</a>.&rdquo;


	 
	These were the exact words of my good old friend, Mr. Speculator. Over the weekend, when I received a call from him, he added, &ldquo;You see the average American is better off than before. There are jobs; and no matter where you look, you won&rsquo;t find much negativity. Look at the stock markets; they probably will show a 30% increase for 2013.&rdquo;


	 
	Sadly, Mr. Speculator has become a victim of the false assumptions that seem to prevail in the markets these days. He&rsquo;s basing his conclusion on just a few indicators that he looked at from just the surface, not looking much into the details. For example, the stock market doesn&rsquo;t really portray the real image of the U.S. economy, but it&rsquo;s used as one of the indicators.


	 
	Here&rsquo;s what is really happening in the U.S. economy that keeps me skeptical.


	 
	First of all, jobs growth in the U.S. economy has been center stage for some time. I agree that the unemployment rate has gone down, but I ask where the jobs were created. In November, for example, we saw the unemployment rate in the U.S. economy reach seven percent, and it sent a wave of optimism across the mainstream. Sadly, a major portion of the jobs created for that month were in the low-wage-paying industries. Mind you; this has been the trend for some time now. (Source: &ldquo;Employment Situation Summary,&rdquo; Bureau of Labor Statistics web site, December 6, 2013.) In periods of real economic growth, you want equal jobs creation, which we are clearly missing in the U.S. economy.


	 
	Secondly, Americans really aren&rsquo;t better off than they were before&mdash;incomes are declining. Consider this: between 2007 and 2012, the real median household income in the U.S. economy has fallen by more than eight percent. In 2007, the median household income registered at $55,627. In 2012, it declined to $51,017. (Source: Federal Reserve Bank of St. Louis web site, last accessed December 13, 2013.) In times of real economic growth, you want to see increasing incomes.


	 
	Thirdly, more and more individuals in the U.S. economy are seeking the help of food stamps. In September, there were more than 47.3 million Americans on food stamps. This number has grown significantly over the past few years. (Source: United States Department of Agriculture, &ldquo;Supplemental Nutrition Assistance Program,&rdquo; United States Department of Agriculture, Food and Nutrition Service web site, December 6, 2013.)


	 
	Last but not least, over the past few years,&nbsp;<a data-ls-seen="1" data-mce-href="http://www.dailygainsletter.com/consumer-confidence/" href="http://www.dailygainsletter.com/consumer-confidence/" title="consumer confidence">consumer confidence</a>&nbsp;in the U.S. economy has increased, but it is nowhere close to where it was before the&nbsp;<a data-ls-seen="1" data-mce-href="http://www.dailygainsletter.com/financial-crisis/" href="http://www.dailygainsletter.com/financial-crisis/" title="financial crisis">financial crisis</a>. Take a look at the chart below of the University of Michigan Consumer Sentiment index, which is an indicator of consumer confidence in the U.S. economy.


	 
	<a data-mce-href="http://www.dailygainsletter.com/files/2013/12/Univercity-of-Michigan-Chart.jpg" href="http://www.dailygainsletter.com/files/2013/12/Univercity-of-Michigan-Chart.jpg" target="_blank"><img alt="Univercity of Michigan Chart" data-mce-src="http://www.dailygainsletter.com/files/2013/12/Univercity-of-Michigan-Chart.jpg" height="245" src="http://www.dailygainsletter.com/files/2013/12/Univercity-of-Michigan-Chart.jpg" style="cursor: default;" title="Univercity of Michigan Chart" width="550" /></a>


	 
	Chart courtesy of www.StockCharts.com


	 
	To me, what I have mentioned aren&rsquo;t indicators of economic growth in the U.S. economy, and this is what keeps me skeptical. On the surface, the indicators are creating a sort of mirage that suggests a false truth&mdash;the reality of which is very unpleasant.


	 
	For investors, this means the&nbsp;<a data-ls-seen="1" data-mce-href="http://www.dailygainsletter.com/key-stock-indices/" href="http://www.dailygainsletter.com/key-stock-indices/" title="key stock indices">key stock indices</a>, whose performance relies on the overall state of the economy, are running beyond reality. They may face turbulence ahead if the economic factors remain bleak. Investors seeking to profit from the decline in key stock indices may want to look at exchange-traded funds (ETFs), like the ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>).


	 
	This article&nbsp;<a data-mce-href="http://www.dailygainsletter.com/economy/the-mirage-called-a-u-s-economic-recovery/2241/" href="http://www.dailygainsletter.com/economy/the-mirage-called-a-u-s-economic-recovery/2241/" target="_blank">The Mirage Called a &ldquo;U.S. Economic Recovery&rdquo;</a>&nbsp;was originally published at&nbsp;<a data-mce-href="http://www.dailygainsletter.com" href="http://www.dailygainsletter.com/" target="_blank">Daily Gains Letter</a>

Economics

The Mirage Called a "U.S. Economic Recovery"

The purpose of this Q&amp;A is to offer a brief overview of Exchange Traded Funds so that you can gain a better understanding of these investment products and learn how to profit from them.

What is an ETF?

An ETF is an investment fund traded on a stock exchange. The fund can be invested in equities, currencies, bonds, commodities, derivatives, swaps, futures contracts, etc. Purchasing an ETF entitles you to participate in profits if the holdings increase in value, or to realize a loss if the holdings decrease in value. An ETF is open to any investor that has access to buy and sell stocks through any licensed brokerage account. 

What determines the value of an ETF?

The value of every ETF will always correspond to the value of its holdings, which constantly fluctuate. For example, the SPDR Gold Trust ETF (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) is an ETF that holds bricks of gold, which are stored in a secret warehouse somewhere in London. If the price of physical gold were to increase throughout the day, the bricks of gold held by the ETF managers are now more valuable, resulting in an increase in the ETF share price. 

What is an "Index ETF"?

An Index ETF is a fund that attempts to duplicate performance of a particular index by investing in the exact holdings, in the exact same proportions, as the underlying entity (referred to as "replication").

The most actively traded ETF is the SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>). As outlined above, the fund holds all 500 securities in the exact same proportions as the underlying Standard and Poor's 500 Index. If the S&amp;P 500 index falls by 1.25% in any given day, it is reasonable to assume that SPY will lose approximately the same value.

Most, if not all, indexes are investable through their corresponding ETF. For example, the Financial Select SPDR Fund (NYSE: <a class="ticker" href="/stock/xlf#NYSE">XLF</a>) is designed to seek investment objectives that correspond to the returns of the Financial Select Sector Index. 

What is an inverse ETF?

An inverse ETF is designed to provide investors with the opposite return of an index or commodity. For example, the investment objective of the ProShares Short Dow 30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>) is to provide an return that is equal to the inverse of the performance of the Dow Jones Industrial Average. If the Dow were to drop 2.4%, it is very reasonable to assume that DOG would gain 2.4% in value. Likewise, if the Dow were to gain 2.4%, assume that DOG would lose 2.4% of its value.

What is a leveraged ETF?

A leveraged ETF is designed to magnify the performance of the underlying index through the use of complex swaps. A leveraged ETF can provide a return equal to two or three times the performance of the underlying index. For example, the ProShares UltraPro S&amp;P 500 (NYSE: <a class="ticker" href="/stock/upro#NYSE">UPRO</a>) ETF is designed to achieve a return of approximately 300% of the S&amp;P 500 index. If the index were to gain 1.5%, it is reasonable to expect UPRO to gain 4.5%.

There are also ETFs which provide a leveraged inverse. The ProShares UltraShort S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spxu#NYSE">SPXU</a>) ETF is designed to achieve a return of approximately 300% of the inverse of the S&amp;P 500 index. If the index were to gain 1.5%, it is reasonable to expect the ETF to lose 4.5%. 

What advantages do ETF's offer?

 •	 ETFs can be easily bought and sold. ETFs offer investors the ability to buy or sell their holdings almost instantly, whereas mutual fund transactions take quite a bit of time to close (generally end of the day). That liquidity is a major benefit considering the extreme amount of volatility the market has experienced over the past few years.

•	ETFs offer significant tax advantages over mutual funds. When an investor has a gain in an ETF, he/she is not taxed until the product is sold, allowing for the investor to hold onto that gain until the closing transaction. Mutual funds, on the other hand, impose a tax for every realized gain. For example, when a fund manager makes a profitable trade, the gains are passed on to the investor along with the tax. 

 •	Modern ETFs offer exposure to products that traditionally have not been available to common investors (or too expensive), such as corn (Teucrium Corn Fund ETF: (NYSE: <a class="ticker" href="/stock/corn#NYSE">CORN</a>))

 •	ETFs can be used to gain exposure to international markets. For example, one could invest in Brazil via the iShares MSCI Brazil ETF (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>).

Why is it widely discouraged to hold leveraged ETFs for more than one day?

Leveraged ETFs are re-balanced daily, meaning that the holdings can fluctuate greatly from one day to the next. Leveraged ETFs also continuously lose value due to compounding.

 Let us take a look at the mathematics behind this using a made up ETF (XXX), which trades at $10.00. This ETF is designed to offer 3x leverage to its underlying index (XXXa), which is valued at 1,000. After one day of trading, the index gains 40 points (4%) and the ETF accordingly rises 12% to close at $11.20. The next day, the index loses the previous gain of 40 points and closes back at 1,000. This 40 point drop corresponds to 3.85%. As a result, the ETF loses 11.55% and will close at $9.91. As you can see, even though the index has retained the same value, the ETF has not. 

Does an ETF stay close to its "true value"?

For the most part, yes it does. Keep in mind that the assets being held in the ETF have a value that can be determined. If an ETF is undervalued, sophisticated traders with advanced analytic equipment will buy the ETF at its discounted price, thus pushing the value closer to its "true range". This type of trading is known as "ETF arbitrage." Sophisticated trading machines are constantly scanning the market for such opportunities, making it rare for an ETF to deviate more than 0.5% away from its "true value" for a prolonged period of time.

How popular are ETFs?

Over the past few years, ETFs have exploded in both volume and popularity. The increase in investor interest has led to the creation of a seemingly endless number ETF funds.

The ten most popular ETFs in terms of trading volume in the market currently are:

1) SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>)

2) Financial Select SPDR (NYSE: <a class="ticker" href="/stock/xlf#NYSE">XLF</a>)

3) PowerShares QQQ Trust (NASDAQ: <a class="ticker" href="/stock/qqq#NASDAQ">QQQ</a>)

4) iShares Russell 2000 Index Fund (NYSE: <a class="ticker" href="/stock/iwm#NYSE">IWM</a>)

5) iShares MSCI Emerging Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>)

6) Direxion Financial Bull 3x Shares (NYSE: <a class="ticker" href="/stock/fas#NYSE">FAS</a>)

7) ProShares UltraShort S&amp;P 500 (NYSE: <a class="ticker" href="/stock/sds#NYSE">SDS</a>)

8) iPath S&amp;P 500 VIX Short-Term Futures ETN (NYSE: <a class="ticker" href="/stock/vxx#NYSE">VXX</a>)

9) iShares Silver Trust (NYSE: <a class="ticker" href="/stock/slv#NYSE">SLV</a>)

10) Vanguard MSCI Emerging Markets (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>)
 

Is an ETF a suitable investment for everyone?

Yes and no. Many ETFs are simple to understand and provide great investment opportunities, however leveraged ETFs are designed specifically for investors with advanced knowledge since the funds hold complex derivatives and forward swaps. 

There are countless ETFs in the market to choose from, ranging from very common to very strange. Before making any trade, it is prudent to know exactly what you are buying (or selling) – so do your research. As always, potential investors should exercise caution and consult with experts whenever necessary.

Financial Advisors

New ETFs

Emerging Market ETFs

Personal Finance

CORN

SPXU

UPRO

Barclays Bank iPath S&P 500 VIX Short-Term Futures ETN

Beginner's Guide to Understanding ETFs

In bear markets, there are several ways of making money, but most are speculative. Examples include shorting stocks (where your potential for loss is unlimited) and buying puts (which are very volatile and have expiration dates). However, there is a less risky way of playing the market on the short side, and that is through the use of bearish exchange traded funds also known as ETFs. 
An example is ProShares Short Dow30 (<a class="ticker" href="/stock/dog#">DOG</a>), an ETF which invests in derivatives with a goal of the inverse of the daily performance of the Dow Jones Industrial Average Index. This ETF was up 1.6% during the last month, versus the Trading-Inverse Equity category which was down 7.48% and the S&amp;P 500 was down 1.13%.
If you are negative on NASDAQ stocks, you may want to consider the ProShares Short QQQ (<a class="ticker" href="/stock/psq#">PSQ</a>) ETF, which has a goal of attempting to achieve the opposite of the daily performance of the NASDAQ-100 Index. The ETF is up 0.98 for the last month.
For investors who think that small cap stocks are in for a continuing downturn, the ProShares Short SmallCap600 (<a class="ticker" href="/stock/sbb#">SBB</a>) is an option. This ETF attempts to achieve the inverse of the daily performance of the S&amp;P SmallCap 600 Index. The ETF was up 1.12% for the latest month.
Some investors that are bearish and want some real action have the option of using leveraged bearish ETFs. These ETFs can provide twice or three times the the return of an unleveraged ETF. The Direxion Daily Financial Bear 3X Shares (<a class="ticker" href="/stock/faz#">FAZ</a>) has a goal of achieving 300% of the inverse of price performance of the Russell 1000 Financial Services Index. The ETF had an increase of 7.06% for the last month.
One issue to be aware of when investing in these ETFs is that over long periods of time, they may not even come close to matching the inverse of of the index. These ETFs are generally designed to achieve their goals on a day by day basis. 
If you like bearish ETFs, you can get a free list of <a href="http://WallStreetNewsNetwork.com">Short ETFs</a> and a second list of <a href="http://WallStreetNewsNetwork.com">Leveraged Short ETFs</a>at WallStreetNewsNetwork.com.
Author does not own any of the above. By <a href="http://Stockerblog.com">Stockerblog.com</a> 
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How to Make Money in a Falling Stock Market

There are different measures of inflation. There is the headline measure of inflation and core inflation.

Headline inflation takes the price of food and energy into account, while core inflation does not.

Headline inflation is a measure of what economic agents feel in the economy on a day-to-day basis. Paying more at the pump, for example, is headline inflation.

The Federal Reserve takes inflation into account when deciding on decisions of monetary policy. However, the Fed generally ignores headline inflation in favor of the core inflation measure. This is because the rate of headline inflation can vary wildly over time, often unrelated to general economic trends.

For example, if a hurricane in the Gulf of Mexico destroys an oil refinery, and the price of gasoline rises, headline inflation may rise as well. Of course, it does not seem wise for the Fed to shift its monetary policy based on the destruction of an oil refinery.

Core inflation is insulated from these short-term price swings, and is thus generally agreed to be a better measure of the inflationary trend.

Since the Fed began its asset purchases, many economic pundits have warned that an expanding money supply would eventually lead to massive inflation in the U.S. economy.

That inflation finally arrived last year, in the form of massive increases in the price of commodities like oil and gold.

However, other commentators such as Nobel Laureate Paul Krugman have argued that this inflation is temporary, as core inflation has remained subdued. The Fed's Chairman Ben Bernanke has largely echoed this view.

On Tuesday, Krugman published a post on his <a href="http://krugman.blogs.nytimes.com/2011/06/14/the-power-of-minus/">New York Times</a> blog in which he stated, "We're likely to see a negative headline inflation number by June. What will the inflationistas say? Of course, all this is why we need something like core inflation, so as not to overreact to short-run fluctuations."

Is it time to overreact then?

For the month of May, core <a href="http://www.benzinga.com/media/cnbc/11/05/1086972/the-u-s-joins-the-party-cpi-up-3-2">CPI</a> rose 0.20%. Annually adjusted core CPI is now running at 1.50%, a number which surprised most economists, according to <a href="http://imarketnews.com/node/32287">iMarketNews</a>.

Is an increasing core inflation number evidence that the "inflationistas" have been right all along?

Action Items

Bullish: Traders who believe that inflation is starting to become a real problem in the broader U.S. economy might want to consider the following trades: 

<ul><li>Buy SPDR Gold Trust (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) in a long play on the yellow metal. Gold has traditionally done well in periods of inflation, as traders seek safety in the limited supply of gold.</li><li>Buy Teucrium Corn Fund (NYSE: <a class="ticker" href="/stock/corn#NYSE">CORN</a>) in a long play on U.S. exports and commodities. If inflation is ravaging, commodities like corn may appreciate in price. Also, inflation may depreciate the value of the U.S. dollar, thereby making American exports like corn more attractive to foreign consumers.</li></ul>

Bearish: Traders who believe that the rise in core CPI is transitory may consider taking positions in the following: 

<ul><li>Power Shares DB US Dollar Bullish Index (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>) is a long play on the U.S. dollar. With limited inflation, the dollar might appreciate in value.</li><li>ProShares Short Dow 30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>) is a short play on the Dow Jones. If there is minimal inflation, asset prices like stocks may not rise, in fact they may decline, which might be good for a short Dow ETF like DOG.</li></ul>

Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

Movers & Shakers

Commodities

Politics

Econ #s

PowerShares DB US Dollar Index Bullish Fund

Core Inflation on the Rise: Are Paul Krugman and Other Deflationists Wrong? 

The President of the Federal Reserve of Richmond, Jeffrey Lacker, spoke on Monday, in a speech in which he lamented the sluggish pace of the U.S. economy and the grim outlook in the jobs market.

"One striking observation that may be relevant to the possibility that growth underperforms for a sustained period is the apparent reluctance of many employers to add workers in the face of rising demand," Lacker said, as reported by <a href="http://www.reuters.com/article/2011/06/13/us-usa-fed-lacker-idUSTRE75C2KL20110613">Reuters</a>.

Interestingly, Lacker is a noted "inflation hawk" who opposed the Fed's recent $600 billion monetary stimulus known as QE2 or the second round of quantitative easing.

Lacker's grim assessment could foreshadow a shift in Fed policy.

Although the Fed has steadfastly denied that it would undertake a third round of quantitative easing, the fact that one of its inflation hawks is bearish on the economy may lend credence to the belief that the Fed will ultimately change its mind.

On Friday, <a href="http://www.benzinga.com/media/cnbc/11/06/1157522/david-tepper-aka-captain-obvious">David Tepper</a> stated that the Fed would not engage in QE3 unless there was a significant move lower in the markets. Tepper's assessment is particularly salient because of his correct call in predicting QE2. Maybe the bear threshold for initiating QE3 is less than Tepper believes.

Action Items

Bullish: Traders who believe that the Fed will undertake QE3 might want to consider the following trades: 

<ul><li>Buy SPDR Gold Trust (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) in a long play on gold. Gold rallied sharply after the implementation of QE2, and might benefit from additional quantitative easing.</li><li>Buy ProShares Ultra Dow 30 (NYSE: <a class="ticker" href="/stock/ddm#NYSE">DDM</a>) in a long play on the Dow Jones. The Fed has thus far been relatively successful in rallying the markets after QE. Another round might be bullish for the Dow.</li></ul>

Bearish: Traders who believe that the Fed will stay the course and not implement another QE may consider taking positions in the following: 

<ul><li>PowerShares DB US Dollar Bullish Index (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>) is a long play on the dollar. The dollar may benefit if the Fed does not increase its balance sheet any further.</li><li>ProShares Short Dow 30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>) is a short play on the Dow Jones. The market may tank without further quantitative easing.</li></ul>

Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

Fed's Lacker Not Mad, Just Disappointed 

Here is the ETF Professor's ETF Watch List for Thursday June 9, 2011.

Index plays: ProShares UltraShort Russell2000 (NYSE: <a class="ticker" href="/stock/twm#NYSE">TWM</a>) and the ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>).

With materials names looking problematic, try the ProShares UltraShort Basic Materials (NYSE: <a class="ticker" href="/stock/smn#NYSE">SMN</a>).

Ag commodities held up well on Wednesday so give the PowerShares DB Agriculture Double Long ETN (NYSE: <a class="ticker" href="/stock/dag#NYSE">DAG</a>) a whirl.

Emerging markets plays of the day: ProShares UltraShort Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>), Direxion Daily Emerging Markets Bear 3X Shares (NYSE: <a class="ticker" href="/stock/edz#NYSE">EDZ</a>) and the iShares MSCI Thailand Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/thd#NYSE">THD</a>).

Forex play of the day: Market Vectors Double Short Euro ETN (NYSE: <a class="ticker" href="/stock/drr#NYSE">DRR</a>).

Bond play of the day: Vanguard Short-Term Bond ETF (NYSE: <a class="ticker" href="/stock/bsv#NYSE">BSV</a>).

News

Pre-Market Outlook

Direxion Daily Emerging Markets Bear 3x Shares

iShares MSCI Thailand Investable Market Index Fund

ETFs To Watch June 9, 2011 (BSV, DAG, SMN, THD)

The president of the Dallas Federal Reserve Bank, Richard Fisher, appeared on CNBC's Squawk Box this morning. In his appearance, he admitted that QE2 may have been partly to blame for the recent increase in the price of commodities.

Fischer opposed QE2, and said he would oppose QE3. He stated that he believed that the Fed had done all that was necessary, and that the economy needed time to heal itself. He expressed an optimism that the U.S. economy would grow in the second half of 2011.

Rounds of quantitative easing, known as QE, may have a bullish effect on commodity prices. QE is intended to increase the liquidity in the economy. If that liquidity finds its way to commodity traders, the price of commodities may rise. Simultaneously, speculators—even those who do not have access to the liquidity—may anticipate this rise and move into the commodity markets in anticipation of the bull-run.

Fischer's hawkish stance echoes the sentiments of Philadelphia's Federal Reserve Bank President Charles Plosser, who stated on Monday that the Federal Reserve <a href="http://www.benzinga.com/etfs/commodities/11/06/1141309/only-people-making-money-today-are-gold-and-silver-bulls">may tighten this year</a> despite economic conditions.

Both Plosser and Fischer are voting members of the Federal Open Market Committee this year, so their beliefs may influence Fed policy. However, they are mere rotating members.

The Fed's Chariman, Ben Bernanke, is scheduled to speak on Tuesday. It will be interesting to see if he expresses a position in line with Fischer and Plosser, or takes a more dovish stance.

Action Items

Bulls: Traders who believe that the Fed will not engage in further QE and may even tighten monetary policy, might want to consider the following trades: 

<ul><li>ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>): A short play on the Dow Jones. The Dow may decline if the economy contracts on Fed tightening.</li><li>PowerShares DB US Dollar Bullish Index (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>): A long play on the U.S. dollar. The dollar may appreciate if the Fed reduces the supply of dollars in the economy.</li></ul>

Bears: Traders who believe that the Fed will crack under the economic pressure and engage in further rounds of QE may consider taking positions in the following: 

<ul><li>SPDR Gold Trust (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>): A long play on gold. Gold prices may rise as investors flee dollars for a safe haven, store of value.</li><li>PowerShares DB US Dollar Bullish Index (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>): A short play on the U.S. dollar. The dollar may depreciate if the Fed continues to increase liquidity in the economy.</li><li>United States Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>): A long play on the price of oil. Oil prices may rise if the dollar depreciates, as oil is traded in dollars on the world market.</li>

</ul>

Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.&lt;/ul&gt;

CNBC

Global

So That's Why Food and Fuel Prices Are Increasing

Here is the ETF Professor's ETF Watch List for Tuesday June 7, 2011.

The WisdomTree International Energy ETF (NYSE: <a class="ticker" href="/stock/dka#NYSE">DKA</a>) should be one to watch.

Bearish index plays: ProShares UltraShort S&amp;P500 (NYSE: <a class="ticker" href="/stock/sds#NYSE">SDS</a>) and the ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>).

Precious metals held up pretty well on Monday so try the iShares Silver Trust (NYSE: <a class="ticker" href="/stock/slv#NYSE">SLV</a>).

Emerging markets plays of the day: ProShares UltraShort Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>), Direxion Daily Russia Bear 3X Shares (NYSE: RUSS) and the iShares MSCI All Peru Capped Index Fund (NYSE: <a class="ticker" href="/stock/epu#NYSE">EPU</a>).

Forex play of the day: CurrencyShares Swedish Krona Trust (NYSE: <a class="ticker" href="/stock/fxs#NYSE">FXS</a>).

Bond play of the day: WisdomTree Emerging Markets Local Debt ETF (NYSE: <a class="ticker" href="/stock/eld#NYSE">ELD</a>).

WisdomTree Trust International Energy Sector Fund

ETFs To Watch June 7, 2011 (ELD, SLV, RUSS, FXS)

A week of substantial headline risk be it at the hands of Japan, bearish views on oil or disappointing earnings results has drawn to a close and perhaps the best thing that can be said is "Hey, at least stocks closed higher on Friday." Still, Friday's effort will do little to put a dent in weekly losses for the major U.S. indexes.

With the earnings spigot wide open next week, we've got a great assortment of ETFs that should be in play so let's have a look at next week's ETFs to watch.

1) Market Vectors Coal ETF (NYSE: <a class="ticker" href="/stock/kol#NYSE">KOL</a>):
Two of KOL's to-be-acquired constituents, Bucyrus (Nasdaq: <a class="ticker" href="/stock/bucy#Nasdaq">BUCY</a>) and Massey Energy (NYSE: <a class="ticker" href="/stock/mee#NYSE">MEE</a>) report on Monday. Peabody Energy (NYSE: <a class="ticker" href="/stock/btu#NYSE">BTU</a>), the largest U.S. coal producer, follows on Tuesday so next week promises to be busy for KOL.

2) ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>) or the SPDR Dow Jones Industrial Average (NYSE: <a class="ticker" href="/stock/dia#NYSE">DIA</a>):
Pick your poison here. Eight Dow stocks report next week.

3) SPDR KBW Regional Banking (NYSE: <a class="ticker" href="/stock/kre#NYSE">KRE</a>) and the Financial Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlf#NYSE">XLF</a>):
Again, have it your way. There isn't a day next week when at least one marquee national or super-regional banking name doesn't step into the earnings confessional.

4) Oil Services HOLDRs (AMEX: <a class="ticker" href="/stock/oih#AMEX">OIH</a>):
Yes, this is an earnings play with Halliburton (NYSE: <a class="ticker" href="/stock/hal#NYSE">HAL</a>) reporting on Monday and Diamond Offshore (NYSE: <a class="ticker" href="/stock/do#NYSE">DO</a>), Weatherford International (NYSE: <a class="ticker" href="/stock/wft#NYSE">WFT</a>) and Schlumberger (NYSE: <a class="ticker" href="/stock/slb#NYSE">SLB</a>) reporting on Thursday, but OIH is also worth watching because options traders have been making some bearish bets on the fund in recent days and momentum could be waning here.

5) Market Vectors Junior Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdxj#NYSE">GDXJ</a>):
With gold jumping to another record on Friday, GDXJ's finish to the week was disappointing. We don't want to sound any alarms here, but this ETF really needs to break through $42 or risk forming an ominous double top.

Earnings

Intraday Update

BUCY

GDXJ

A Look Ahead: Next Week's ETFs To Watch

Here is the ETF Professor's <a href="http://marketbulletin.com/etf.php">ETF</a> Watch List for Tuesday March 15, 2011.

It goes without saying the Global X Uranium ETF (NYSE: <a class="ticker" href="/stock/ura#NYSE">URA</a>) and the Market Vectors Nuclear Energy ETF (NYSE: <a class="ticker" href="/stock/nlr#NYSE">NLR</a>) are both going to be in play.

Protect against more Dow declines with the ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>).

The Market Vectors Coal ETF (NYSE: <a class="ticker" href="/stock/kol#NYSE">KOL</a>) was resilient on Monday.

Japan plays: iShares MSCI Japan Index Fund (NYSE: <a class="ticker" href="/stock/ewj#NYSE">EWJ</a>) and the Vanguard Pacific Stock ETF (NYSE: <a class="ticker" href="/stock/vpl#NYSE">VPL</a>).

Emerging markets plays of the day: iShares MSCI South Korea Index Fund (NYSE: <a class="ticker" href="/stock/ewy#NYSE">EWY</a>), iShares MSCI Hong Kong Index Fund (NYSE: <a class="ticker" href="/stock/ewh#NYSE">EWH</a>) and the iShares MSCI Malaysia Index Fund (NYSE: <a class="ticker" href="/stock/ewm#NYSE">EWM</a>).

Currency play of the day: Go back to the CurrencyShares Japanese Yen Trust (NYSE: <a class="ticker" href="/stock/fxy#NYSE">FXY</a>).

Bond play of the day: iShares Barclays 20+ Year Treasury Bond ETF (NYSE: <a class="ticker" href="/stock/tlt#NYSE">TLT</a>).

iShares Trust Barclays 20+ Year Treasury Bond Fund

ETFs To Watch March 15, 2011 (DOG, KOL, NLR, VPL)

Another action-packed week on Wall Street has drawn to a close and fans of international headline risk, if such a group exists, we're loving life this week. The Middle East, China, Europe, the U.S. and Japan all took their turn in the spotlight and the news was not good to say the least.

To say preparation for next week critical is an understatement. With that, here's a look at some <a href="http://marketbulletin.com/etf.php">ETFs</a> that should be in play in the week ahead.

1) iShares MSCI Japan Index Fund (NYSE: <a class="ticker" href="/stock/ewj#NYSE">EWJ</a>): Natural disasters have a way of moving country-specific ETFs and that was the case with EWJ on Friday when its volume was nearly triple the daily average. The CurrencySharess Japanese Yen Trust (NYSE: <a class="ticker" href="/stock/fxy#NYSE">FXY</a>) is another to add to the Japan watch list.

2) Global X Uranium ETF (NYSE: <a class="ticker" href="/stock/ura#NYSE">URA</a>): Unjustly punished recently and some of its constituents report earnings next week.

3) iShares Dow Jones Transportation Average (NYSE: <a class="ticker" href="/stock/iyt#NYSE">IYT</a>): Always in play and FedEx (NYSE: <a class="ticker" href="/stock/fdx#NYSE">FDX</a>) reports earnings on Thursday.

4) ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>): Given the Dow's recently volatile ways and increasing speculation that the market has topped out, it might be prudent to take a look at this "insurance policy." It's inverse, but not leveraged.

5) iShares Silver Trust (NYSE: <a class="ticker" href="/stock/slv#NYSE">SLV</a>): Talk about volatile, folks are just clamoring for a silver pullback to get involved with the white metal as a safe-haven play, but will the economic data support higher silver prices going forward? Remember, half of silver demand comes from industry.

After-Hours Center

iShares Dow Jones Transportation Average Index Fund

Here is the ETF Professor's ETF Watch List For Friday March 11, 2011.

As "day of rage" plays, try the U.S. Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) and the iPath S&amp;P GSCI Crude Oil TR Index ETN (NYSE: <a class="ticker" href="/stock/oil#NYSE">OIL</a>).

Follow a possible gold rebound with the SPDR Gold Shares (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) and the Market Vectors Junior Gold Miners <a href="http://marketbulletin.com/etf.php">ETF</a> (NYSE: <a class="ticker" href="/stock/gdxj#NYSE">GDXJ</a>). 

It's probably time for the ProShares UltraShort S&amp;P500 (NYSE: <a class="ticker" href="/stock/sds#NYSE">SDS</a>) and the ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>).

Emerging markets plays of the day: ProShares UltraShort Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>), ProShares UltraShort MSCI Emerging Markets (NYSE: <a class="ticker" href="/stock/eev#NYSE">EEV</a>) and the ProShares UltraShort FTSE China 25 (NYSE: <a class="ticker" href="/stock/fxp#NYSE">FXP</a>).

Bond play of the day: iShares Barclays 20+ Year Treasury Bond ETF (NYSE: <a class="ticker" href="/stock/tlt#NYSE">TLT</a>).

Forex play of the day: PowerShares DB US Dollar Index Bullish (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>)

ProShares UltraShort MSCI Emerging Markets

iPath Dow Jones-Goldman Sachs Crude Oil Fund

ETFs To Watch March 11, 2011 (GLD, DOG, FXP, UUP)

Here is the ETF Professor's ETF Watch List for Wednesday March 2, 2011.
It looks like if you're going to be long something, it might as well be silver: ETFS Physical Silver Shares (NYSE: <a class="ticker" href="/stock/sivr#NYSE">SIVR</a>).
If we see another down day, try the ProShares Short Dow30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>) and the ProShares UltraShort S&amp;P500 (NYSE: <a class="ticker" href="/stock/sds#NYSE">SDS</a>).
Oil plays: U.S. Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) and the ProShares DB Oil (NYSE: <a class="ticker" href="/stock/dbo#NYSE">DBO</a>).
Emerging markets plays of the day: Market Vectors Egypt ETF (NYSE: <a class="ticker" href="/stock/egpt#NYSE">EGPT</a>), Direxion Daily Latin America Bear 3X Shares (NYSE: LHB) and the Direxion Daily Emerging Markets Bear 3X Shares (NYSE: <a class="ticker" href="/stock/edz#NYSE">EDZ</a>).
Currency play of the day: CurrencyShares Japanese Yen Trust (NYSE: <a class="ticker" href="/stock/fxy#NYSE">FXY</a>).
Bond play of the day: iShares Barclays 20+ Year Treasury Bond ETF (NYSE: <a class="ticker" href="/stock/tlt#NYSE">TLT</a>).

EGPT

SIVR

ETFs To Watch March 2, 2011 (DOG, EGPT, FXY, SIVR)

Shares of The Powershares Short DOW 30 ETF (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>) are lower in the session by 0.12%, trading at $46.60. The ETF has been moving largely lower over the past six months, as the overall market has staged a road based rally. 
Options traders believe that any pullback in the market should be bought; this can be seen in the DOG today, where 2,000 November $47.00 calls were sold, on the bid, for $0.70. Selling calls on an inverse ETF is the equivalent of selling puts on a long ETF; therefore this is a bullish position in terms of the overall movement of the DJIA. 
Call volume is running at 7.96x the daily average, 0% on the offer. 
The Powershares Short DOW 30 ETF seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Dow Jones Industrial Average Index. The fund invests in derivatives that Proshare Advisors believes should have similar daily performance characteristics as the inverse of the daily return of the Index. It invests typically the rest of the assets in money market instruments. The fund is non-diversified.

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