UltraShort Oil & Gas ProShares ETF (DUG) Appears To Have Bottomed Late On Friday 3-6-09

UltraShort Oil & Gas ProShares ETF (DUG, http://stockcharts.com/charts/gallery.html?dug) appears to have bottomed late on Friday 3-6-09, see http://finance.yahoo.com/q/ta?s=DUG&t=1d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c= (click five day chart starting Monday 9:30 am).

DUG did an inverse Elliott Wave 12345 down up down up down downcycle very late in the session on Friday 3-6-09, bottoming shortly before session's end, and, put in a bullish large inverse spike after it bottomed, see http://finance.yahoo.com/q/ta?s=DUG&t=1d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c= (click five day chart starting Monday 9:30 am).

With the XOI (AMEX Oil and Gas, http://stockcharts.com/charts/gallery.html?%24xoi) probably doing a big very short term Wave 5 downcycle on Monday, see http://finance.yahoo.com/q/ta?s=%5EXOI&t=5d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c=, and, with the broad market Walmart (WMT) Lead Indicator at a very bearish -1.81% versus the S & P 500 (SPX) on Friday 3-6, it should be a very good day to day trade short, though day trading tends to be difficult, and, it isn't for most traders. Also, the XOI (AMEX Oil and Gas) has a large bearish spike on Friday 3-6's candle, see http://stockcharts.com/charts/gallery.html?%24xoi.

Nothing discussed on this Blog is a recommendation, or, should be construed as investment advice.

.......http://www.JoeFRocks.com/