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ProShares Ultra Euro ETF (ULE)

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  • Apr. 24, 2011, 9:35 AM
    Portugal again revises up its 2010 budget deficit, this time to 9.1% from a previous estimate of 8.6%. This is way above the eurozone limit of 3% and even the government's target of 7.3%. The new figure is another setback as Portugal negotiates it bailout.
    | 13 Comments
  • Apr. 21, 2011, 2:51 PM
    Keeping their eyes on sovereign bond markets, traders unload euros before the weekend. Greek, Irish, and Portuguese 2 year note yields all soar by about 100 basis points, Greek paper now at 23%, Ireland and Portugal about half that.
    | 2 Comments
  • Apr. 21, 2011, 11:37 AM
    The Fed's Real Broad Trade-Weighted Dollar Index drops to 40 year lows. Chart readers have a look - either a trend line has been broken with the next stop zero, or the greenback has hit resistance and is due for a serious bounce.
    | 2 Comments
  • Apr. 21, 2011, 8:23 AM
    The operator of the Frankfurt airport blames supply disruptions from Japan for the sharp fall in cargo volumes. Jim Leaviss posits that perhaps the strong euro is taking its toll on German growth, and creating an even bigger burden on the Euro-periphery. FXE +8.6% YTD.
    | 1 Comment
  • Apr. 21, 2011, 7:40 AM
    The pummeling of the U.S. currency continues, the greenback again solidly lower against everything. Of particular note is the aussie, which hit another new record as Foreign Minister Rudd rules out intervention to check his currency's breathtaking rise.
    | Comment!
  • Apr. 20, 2011, 9:23 AM
    Responding to queries from Greek and Portuguese legislators, ECB President Trichet reminds that the bank's mission is price stability for the entire region. "Another policy-orientation would be harmful for all (EU) countries, including the countries currently facing particular challenges."
    | Comment!
  • Apr. 20, 2011, 7:52 AM
    A full-blown risk on day sends the greenback lower against nearly everything. The euro is particularly strong, whipsawing anybody who sold it on Monday as the rising probability of a Greek default became evident. Euro +1.3% at $1.4520.
    | 2 Comments
  • Apr. 20, 2011, 7:32 AM
    Italy's Mario Draghi is looking stronger in the race to replace ECB chief Jean-Claude Trichet after 2 senior German officials give him their endorsement. Draghi's ascension still requires a nod from Angela Merkel - far from assured given her domestic political difficulties.
    | Comment!
  • Apr. 20, 2011, 7:24 AM
    Spain has no issues selling €3.4B of longer term paper, with demand a bit stronger than the last auction. After widening in recent days, the gap between Spanish and German 10 year debt narrows 8 ticks to 215 basis points. Spain +1.7%.
    | Comment!
  • Apr. 19, 2011, 3:55 PM
    Greece "plainly needs restructuring" for its economy to recover, write Nicholas Economides and Roy Smith. The professors cite the example of 18 distressed countries whose swapping of debt with U.S.-backed Brady bonds helped turn things around in the 1990s. (previous)
    | 1 Comment
  • Apr. 19, 2011, 11:29 AM
    The next likely PM of Finland attempts to put the kibosh on talk of dissent from his country for Portugal's bailout. Despite a strong showing in Sunday's elections, the True Finns don't look to have the votes to block passage of an EU rescue, but have the power to cause quite a bit of horse-trading.
    | Comment!
  • Apr. 19, 2011, 7:14 AM
    The eurozone PMI unexpectedly rises, inching to 57.8 in April (though the month is only 1/2 complete) from 57.6 the previous month. The price index falls a bit, but still remains elevated at 79.6. Shares and the euro are bouncing from yestereday's drubbing. Stoxx 50 +0.5%. Euro +0.3%.
    | Comment!
  • Apr. 18, 2011, 4:41 PM
    Forget the S&P rating action, says Cullen Roche; the only news that matters today is an FT article that the Fed will soon signal the end of QE. The price action - stocks down, bonds up, dollar up - is exactly what one would expect for the end of the QE trade.
    | 3 Comments
  • Apr. 18, 2011, 2:08 PM
    In a visit to London, PM Enda Kenny says Ireland has no intention of causing "mayhem" in the markets by defaulting, and works overtime to differentiate his country from Greece. The yield on the Irish 2 year note soars 56 basis points, back near a post-EMU record of 9.59%.
    | Comment!
  • Apr. 18, 2011, 10:34 AM
    A new Y-axis is necessary to chart Greek bond yields, the 2 year now higher by a whopping 161 basis points to 20.1% and the 10 year jumping 71 basis points to 14.5%. Perhaps more worrisome is the creep over to Spain, its 2 year yield up 26 clicks to 3.58%.
    | Comment!
  • Apr. 18, 2011, 9:01 AM
    The euro continues lower after Reuters reports a high-level German source saying, "decisive voices within the (German) government" do not expect Greece to be able to avoid a restructuring before summer's end. Euro -1.1% at $1.4249.
    | 2 Comments
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ULE Description
ProShares Ultra Euro seeks daily investment results, before fees and expenses, that correspond to twice (200%) the U.S. Dollar price of the Euro.
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