12:16 SKF UltraShort Financials ProShares continue to rotate higher as XLF slides, nears Apr 15 gap close to the downside @ 25.00 (109.00 +2.77) -Update- -Technical-
We mentioned SKF earlier in the session as price pushed through the 50day SMA. Moving averages are not as important as price targets are in this ETF. It's goal is to move 2x's the inverse of the XLF financial sector tracker. Although the SKF has the 100day SMA overhead @ 109.50, the bigger target may be the Apr. 15 gap close @ 114.00 should financials continue to weaken in the near-term.
SKF is one of our new longs, entered Tuesday at 102.5
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