Opinion on  UltraShort Technology ProShares (REW)
Bearish on technology

  The REW seeks to return roughly twice the inverse of the Dow Jones U.S. Technology Index.  That index consists of tech stalwarts like Apple, Microsoft, IBM, Qualcomm, Cisco, Dell, and Intel.  YTD it is down about 13%, but has had a decent couple of weeks with Apple, Cisco, and Qualcomm experiencing nice moves.  This is not an expensive index per se(avg. P/E of the top ten holdings is 16), but it certainly isn't cheap.  At  the end of the day, I still don't believe in the consumer or increased capital expenditure from corporations.