TwinTrader.com announces the publication of a breakout for PROSHARES SHORT QQQ (AMEX: PSQ), an excerpt highlighting public companies on the move and what’s behind the stock activity.
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ProShares Short QQQ seeks daily investment results, before fees and expenses, which correspond to the inverse of the daily performance of the NASDAQ 100 index. The fund normally invests 80% of assets in financial instruments with economic characteristics that should be inverse to those of the index. It may employ leveraged investment techniques in seeking its investment objective.
The breakout features the investment vehicle’s full-blown capitulation in the near future as well as the day’s technicals. The author writes:
“The de-leveraging throughout the world financial markets has accelerated since late September. Sentiment for the equities markets is reaching intermediate capitulation-level readings. The volatility as measured by the VIX has reached more than 45, a very high reading. The Lowry Index indicates a full-blown capitulation in the near future, recording an unprecedented bearish reading since the index was constructed decades ago. This is clearly a professional traders’ market. … The chart of Short QQQ ProShares has shown power moves totaling almost 40% during the past 10 weeks. The initial breakout in the first week of September coincided with revelations of more severe impending banking and broker-dealer problems. …”
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