My foreign exchange work on Dollar/Yen is screaming at me to short the yen against the greenback via the ProShares UltraShort Yen ETF (NYSE: YCS) as a reflection of what should be deteriorating fundamentals in Japan (commodity procurement as oil and other commodities climb, as well as continued sluggishness in global consumption which will retard Japanese exports...as well as rising U.S. interest rates vis-a-vis Japanese rates).

This is a relative new product from Proshares, which trades an average of 85,000 shares per day... so I am initiating a "starter position" in our model portfolio and will monitor it closely. No chartwork for today's Mid-Day Minute.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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