Profunds index and sector trading

[euterpe1]

I went to a short position at the AM RYDEX price yesterday and added to that postion at today's AM Rydex price. We are currently overbought in a downtrend on the weekly. The monthly is showing a bottom pattern setting up, but I would not be surprised to see a retest of the monthly BB around the 820 SPX area. Near term, I think 870 - 860 is a good target.

Today's high represented a near Neg Div with the indicators...near enough for me to look at going short.

Here's the weekly view. Reminds me of May of 2008.

http://stockcharts.com/h-sc/ui?s=$SPX&p=W&yr=3&mn=0&dy=0&id=p99106873380