DXD In a Buying Range

04/23/2009 10:44 am EST

Focus: ETFS

ProShares UltraShort Dow 30 ETF (DXD) - This exchange traded fund (ETF) seeks daily investment results that correspond to the inverse of the daily performance of the Dow Jones Industrial Average index (DJI).

The fund normally invests 80% of assets in financial instruments with economic characteristics that should be inverse to those of the index.

In the past year, the trade of the day has referred to the DXD as a way for traders to grab some profits in down markets, and those trades have usually been successful.

Now, the DXD is again in a buying range following a rally in the market and the internal indicator MACD has issued a buy signal. The target for this trade is $73.

By Sam Collins of OptionsZone.com

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