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QID's covergence-divergence of moving averages is bullish!

|Includes: ProShares UltraShort QQQ ETF (QID)
ProShares UltraShort QQQ ETF has issued a bullish signal based on the Convergence-Divergence of two moving averages. QID moved to "MACD green" and is in an uptrend that is supported by strong volume and positive price action.
 
Qid should rise as the nasdaq and the overal market tires from this 4 month overbought rally. Be adivsed that we have rallied in wake of bad economic indicators. Our unemployment rate and job losses continue to rise siginficantly. Moreover, The Dow Jones Index is currently sitting on 2400 point gain. Very soon, portfolio managers would want to take profits off of the table to realize gains for their clients. That said, unless youre well-positioned, don't get caught when everyone exits the doors at once.

If you buy QID at the current price of 31.95, youre poised to do well. If you would like to hedge your shares from further downside, you can write (sell to open) July strike 32 calls which are paying 2.15/contract in premium. That's plenty of protection.