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Basic Materials Stocks Sector Getting Clobbered

Stock-Markets / Sector Analysis Aug 04, 2008 - 01:36 PM GMT

By: Mike_Paulenoff

Stock-Markets Wow?Basic materials names are getting clobbered, as evidenced by the vertical thrust of the ProShares UltraShort Basic Materials ETF (SMN), whose major inverse holdings include Monsanto (NYSE: MON), DuPont (NYSE: DD), FCX, and others. The ETF is now assaulting its declining 200 DMA at 37.80. Today's close will be very important for the SMN. Above 38.00, and let's expect upside continuation to 44.25/50 next.


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Comments

Dave DeBar
05 Aug 08, 09:56
Basic Materials Stocks Sector Getting Clobbered

Today's close will be very important for the SMN. Above 38.00, and let's expect upside continuation to 44.25/50 next.

When do think it might do this, certainly not today.


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