A Quick Profit in UltraShort ProShares

01/21/2009 10:53 am EST

Focus: ETFS

ProShares Ultra Short Financials (SKF) - This exchange traded fund (ETF) seeks daily to achieve results that are twice the inverse of the daily performance of the Dow Jones US Financial Index.

These shares have had a volatile past, and on Tuesday rose more than $44 on news of dramatic losses in European banks and new lows for some of America's biggest banking names.

Today, SKF could run higher again, but be careful! This leveraged, contra-ETF can bite and sting if you happen to be on the wrong side of the market, so enter positions on a rally and don't chase it down.

By Sam Collins of OptionsZone.com

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