With the Dow Jones Industrial Average gapping down and carrying through with good volume. The overall market could begin a downward trend. The DXD (UltraShort Dow30) is an ETF that represents double the inverse of the DJIA. I've been trading downtrends in the markets with this ETF and have done quite well. My target price is based on technical analysis that tells me that the DJIA is about to reach the last neckline of a downward sloping head and shoulders pattern that began January 21st of this year and will continue down about 20% from here. This will leave the DJIA in the mid 9000 range. I know this is a pretty bearish statement, but I am concerned wanted to get the word out by posting here.
$62.8 (08/19/08)
