에 대한 최신 뉴스 ProShares UltraPro S&P 500 (ARCA:UPRO)

ProShares UltraPro S&P 500

Technology

Financial Services

Healthcare

Consumer Cyclical

Industrials

Consumer Defensive

Energy

Utilities

Communication Services

Real Estate

Basic Materials

Other

The Fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of large-cap U.S. stock market performance. It is a market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

Equities

Markets

ETFs

ADRT

ARGT

BSAC

DFEN

DXYZ

GOLD

JCPB

NUSI

UPRO

XPER

뉴욕 증권 거래소(NYSE)의 여러 주식들은 기술적 문제로 인해 월요일 동부 표준시 오전 9시 40분 이후 갑자기 거래가 중단되었다. 이번 예상치 못한 거래 중단은 일반적으로 단일 주식의 과도한 변동성을 억제하는 데 사용되는 &#34;상향 한도(Limit Up)/하향 한도(Limit Down)&#34; 코드로 분류된 기술적 문제로 인해 촉발되었다.

버크셔 해서웨이, 치폴레 등 뉴욕 증권 거래소 기술적 문제로 일시 거래 중단 발생

Editor&#8217;s note: This story has been updated with additional details.
Multiple stocks on the New York Stock Exchange experienced sudden trading halts after 9:40 a.m. ET Monday <a href="https://www.benzinga.com/topic/nyse">due to technical issues.</a>
The unexpected pauses in trading were triggered by a technical issue categorized under the &#8220;Limit Up/Limit Down&#8221; code, which is typically used to curb excessive volatility in a single stock.
The NYSE said it is investigating the reported technical issue. &#8220;Additional information will follow as soon as possible,&#8221; NYSE-owner Intercontinental Exchange Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>) stated. 
Among the largest companies halted on Monday were Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) at 9:50:52 a.m. ET and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) at 9:44:58 a.m. ET. 
Chipotle shares experienced a sudden and dramatic decline of 66%, plummeting from $3,097 to $1,047. The stock resumed trading at 10:21 a.m.
At 9:49 a.m., ET shares of Berkshire Hathaway faced an even more severe downturn, nearly being wiped out with a staggering 99.7% collapse from $622,375 to $185.10. As of this update, trading has not yet resumed for the company owned by Warren Buffett.
Monday&#8217;s technical malfunctions on the NYSE occur just one week after U.S. stock exchanges transitioned to a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39039375/t-1-settlement-era-on-trading-begins-what-you-need-to-know">one-day settlement period.</a>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4-1024x500.png" alt="" class="wp-image-368052" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5-1024x500.png" alt="" class="wp-image-368067" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Other Stocks Impacted </h3>
Other stocks affected by the sudden technical glitch on the New York Stock Exchange in Monday trading include:
<ul>
<li>Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>)</li>
<li>Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)</li>
<li>Franco-Nevada Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNV#NYSE">FNV</a>)</li>
<li>Essex Property Trust, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESS#NYSE">ESS</a>)</li>
<li>NuScale Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>)</li>
<li>Destiny Tech100 Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXYZ#NYSE">DXYZ</a>)</li>
<li>Ault Disruptive Technologies Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADRT#NYSE">ADRT</a>)</li>
<li>Nouveau Monde Graphite Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NMG#NYSE">NMG</a>)</li>
<li>Bowhead Specialty Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOW#NYSE">BOW</a>)</li>
<li>Banco Santander-Chile (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSAC#NYSE">BSAC</a>)</li>
<li>Logistic Properties of the Americas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>)</li>
<li>Xperi Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPER#NYSE">XPER</a>)</li>
<li>ICL Group Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICL#NYSE">ICL</a>)</li>
<li>Telefonica, S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEF#NYSE">TEF</a>)</li>
<li>Trinity Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRN#NYSE">TRN</a>)</li>
</ul>
The technical fallout also impacted trading on the following NYSE-Arca listed exchange traded funds:
<ul>
<li>Direxion Daily Aerospace &amp; Defense Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFEN#NYSE">DFEN</a>)</li>
<li>MAX S&amp;P 500 4x Leveraged ETN (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPRO#NYSE">UPRO</a>)</li>
<li>JPMorgan Core Plus Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JCPB#NYSE">JCPB</a>)</li>
<li>Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>)</li>
<li>Nationwide Nasdaq-100 Risk-Managed Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUSI#NYSE">NUSI</a>)</li>
<li>SPDR S&amp;P Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XSD#NYSE">XSD</a>)</li>
</ul>
Read now: <a href="https://www.benzinga.com/news/24/06/39136240/koss-corp-tupperware-blackberry-shares-are-moving-monday-whats-going-on">Koss Corp, Tupperware, BlackBerry Shares Are Moving Monday: What&#8217;s Going On?</a>
Photo via Shutterstock.

Berkshire Hathaway, Chipotle, More NYSE Stocks Hit With Trading Halts Triggered By Technical Issues (UPDATED)

<ul>
<li>UPRO</li>
<li>BB</li>
<li>TSLA</li>
<li>TQQQ</li>
<li>SPAM</li>
<li>QQQ</li>
<li>XBI</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
&nbsp;

Trading Ideas

SPAM

TQQQ

TSLA

Top 7 Trending Stocks On WallStreetBets As Of December 21, 2023 (Via Swaggy Stocks)

The U.S. stock market has seen an increase in buying activity recently. From positive macroeconomic events to earnings surprises, investor sentiment has been faring better than earlier in the year. And, November was a particularly good month for the <a href="https://www.benzinga.com/markets/equities/23/12/36068749/s-p-500-recorded-its-2nd-best-november-since-1980-strategists-see-bullish-6-months-ahead">U.S. stock market</a>.
<h2 class="wp-block-heading">S&amp;P 500 Up 9% Since Oct. 31</h2>
Exchange-traded funds that closely track the S&amp;P 500 index, namely the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), the&nbsp;iShares Core S&amp;P 500 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>) and the&nbsp;Vanguard 500 Index Fund ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>)&nbsp;are up over 9% since Oct. 31.
Leveraged ETFs have multiplied gains for investors. The&nbsp;Direxion Daily S&amp;P 500 Bull 3X Shares&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPXL#NYSE">SPXL</a>) and the&nbsp;ProShares UltraPro S&amp;P 500&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPRO#NYSE">UPRO</a>) delivered close to&nbsp;28%%&nbsp;in price returns since Oct. 31.
The benchmark rallied 8.9% in November alone, recording the second biggest November gain since 1980. Macro tailwinds such as declining bond yields and expectations of monetary policy easing by the Fed have been helping with investor sentiment about the stock market overall. 
Solid earnings beat added to it: 82% of S&amp;P 500 companies reported a positive EPS surprise and 62% of S&amp;P 500 companies reported a positive revenue surprise. For third-quarter 2023, the blended Y/Y earnings growth rate for the S&amp;P 500 is 4.8%, <a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_120123.pdf">according</a> to FactSet.
Related: <a href="https://www.benzinga.com/markets/equities/23/12/36068749/s-p-500-recorded-its-2nd-best-november-since-1980-strategists-see-bullish-6-months-ahead">S&amp;P 500 Recorded Its 2nd Best November Since 1980: Strategists See Bullish 6 Months Ahead</a>
<h2 class="wp-block-heading">Another &#8216;Extreme Buying&#8217; Event Adds To Positive 2024 Expectations</h2>
Per Carson Investment Research, as <a href="https://twitter.com/RyanDetrick/status/1731783389903008018/photo/1">reported</a> by Ryan Detrick, an event was recorded every time more than 60% of the components in the S&amp;P 500 hit a 20-day high — &#8220;extreme buying&#8221; events. Accordingly, every time an event was recorded, the S&amp;P closed higher, a year later. This time, for the 15th time. The S&amp;P 500 has averaged an 18% 12-month return over the past 15 such events.
All this market frenzy soaked in optimism is adding to a growing list of reasons to expect a strong 2024.
Read Next:&nbsp;<a href="https://www.benzinga.com/23/12/36062039/where-is-s-p-500-headed-in-2024" target="_blank" rel="noreferrer noopener">Where Is S&amp;P 500 Headed In 2024?</a>
Photo: Shutterstock

Earnings

Large Cap

Macro Economic Events

SPXL

'Extreme Buying' Sends Over 60% Of S&P 500 Stocks To 20-Day Highs

November 2023 was a good month for the stock market. The benchmark S&amp;P 500 index rallied 8.9%. Exchange-traded funds that closely track the index, namely &#8211; the SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), the iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>) and the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) &#8211; also <a href="https://www.benzinga.com/quote/SPY">saw similar gains</a>. 
The rally marked the second-biggest November gain recorded by the S&amp;P 500 index since 1980, as <a href="https://www.bloomberg.com/news/articles/2023-11-30/frantic-year-end-awaits-stock-bulls-after-historic-november-win">reported</a> by Bloomberg. It also marked the 18th biggest monthly gain since 1950, chief strategist at LPL Financial <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-history-rally-equities-investors-finance-bonds-fed-2023-12">noted</a>.
Factors that helped fuel the rally are being recognized as:
<ul>
<li>declining bond yields</li>
<li>solid earnings</li>
<li>expectations of monetary policy easing by the Fed, and</li>
<li>seasonal tailwinds</li>
</ul>
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36063426/a-stellar-2023-for-s-p-500-yet-2024-looks-brighter-with-prospects-of-interest-rate-">A Stellar 2023 For S&amp;P 500, Yet 2024 Looks Brighter With Prospects Of Interest Rate Reductions By Fed</a>
Leveraged ETFs multiplied gains for investors. The Direxion Daily S&amp;P 500 Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPXL#NYSE">SPXL</a>) and the ProShares UltraPro S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPRO#NYSE">UPRO</a>) delivered close to 25% in price returns over November.
&#8220;November certainly lived up to its reputation as being the best month for stocks,&#8221; said Adam Turnquist, chief technical strategist for LPL Financial. Turnquist expects the average forward returns over the next six months to be 8.8%.
The rally has sparked optimism in the markets. Market pundits are now expecting more gains in the future. The November rally, to many, is signalling a bullish 6 months ahead.
The chart below clearly show that the SPY ETF, a broad indicator of the U.S. stock market, last hit its lows when its price fell below the 200-day simple moving average. Subsequently, the rally in November occurred as the SPY price line rose above this 200-day SMA.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/04084112/SPY-with-200D-SMA.jpg" alt="" class="wp-image-154864" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/04084112/SPY-with-200D-SMA.jpg 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/04084112/SPY-with-200D-SMA-300x260.jpg 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
The technical analysis, indicating a significant move above the 200-day SMA, suggests alignment with market strategists&#8217; optimistic outlook for the upcoming months.
Read Next: <a href="https://www.benzinga.com/23/12/36062039/where-is-s-p-500-headed-in-2024">Where Is S&amp;P 500 Headed In 2024?</a>
Photo: Shutterstock

Broad U.S. Equity ETFs

Technicals

Market-Moving Exclusives

S&P 500 Recorded Its 2nd Best November Since 1980: Strategists See Bullish 6 Months Ahead

News

AAPL

AFRM

BBBY

DNAA

ENDP

GBNH

NVDA

Ten Stocks Trending on Discord This Weekend: AMC, TSLA, AAPL, BBBY, GBNH, DNAA, NVDA, AFRM, UPRO, ENDP

Stock Split

ProShares ETFs CSM, ROM, SSO, TQQQ, UCC, UPRO Trading Thursday Following Effect of 2:1 Forward Stock Split; UGE Trading Following Effect of 4:1 Forward Stock Split

On Thursday, shares of ProShares UltraPro S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPRO#NYSE">UPRO</a>) saw unusual options activity. After the option alert, the stock price moved up to $123.55. 
<ul>
<li>Sentiment: BEARISH</li>
<li>Option Type: TRADE</li>
<li>Trade Type: CALL</li>
<li>Expiration Date: 2021-07-30</li>
<li>Strike Price: $123.00</li>
<li>Volume: 3233</li>
<li>Open Interest: 620</li>
</ul>
<h2>Three Ways Options Activity Is ‘Unusual'</h2>
Extraordinarily large volume (compared to historical averages) is one indication of unusual options market activity. Volume refers to the total number of contracts traded over a given time period when discussing options market activity. The number of contracts that have been traded, but not yet closed by either counterparty, is called open interest. A contract cannot be considered closed until there exists both a buyer and seller for it. 
The trading of a contract with an expiration date in the distant future is another sign of unusual activity. Generally, additional time until a contract expires increases the potential for it to reach its strike price and grow its time value. Time value is important in this context because it represents the difference between the strike price and the value of the underlying asset. 
Contracts with a strike price far from the underlying price are also considered unusual because they are defined as being "out of the money". This occurs when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made because the underlying asset value is expected to change dramatically in the future, and the buyer or seller can take advantage of a greater profit margin. 
<h2>Bullish And Bearish Sentiments</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Using These Strategies To Trade Options</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Options

Unusual Options Activity Insight: ProShares UltraPro S&P 500

ProShares UltraPro S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPRO#NYSE">UPRO</a>) shares experienced unusual options activity on Friday. The stock price moved up to $122.1 following the option alert. 
<ul>
<li>Sentiment: NEUTRAL</li>
<li>Option Type: TRADE</li>
<li>Trade Type: CALL</li>
<li>Expiration Date: 2021-09-17</li>
<li>Strike Price: $135.00</li>
<li>Volume: 560</li>
<li>Open Interest: 1154</li>
</ul>
<h2>Three Ways Options Activity Is ‘Unusual'</h2>
Extraordinarily large volume (compared to historical averages) is one indication of unusual options market activity. Volume refers to the total number of contracts traded over a given time period when discussing options market activity. The number of contracts that have been traded, but not yet closed by either counterparty, is called open interest. A contract cannot be considered closed until there exists both a buyer and seller for it. 
The trading of a contract with an expiration date in the distant future is another sign of unusual activity. Generally, additional time until a contract expires increases the potential for it to reach its strike price and grow its time value. Time value is important in this context because it represents the difference between the strike price and the value of the underlying asset. 
Contracts that are "out of the money" are also indicative of unusual options activity. "Out of the money" contracts occur when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made with the expectation that the value of the underlying asset is going to change dramatically in the future, and buyers and sellers will benefit from a greater profit margin. 
<h2>Understanding Sentiment</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Using These Options Strategies</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Shares of ProShares UltraPro S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPRO#NYSE">UPRO</a>) saw some unusual options activity on Wednesday. Following the unusual option alert, the stock price moved up to $117.49. 
<ul>
<li>Sentiment: BULLISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: CALL</li>
<li>Expiration Date: 2021-07-23</li>
<li>Strike Price: $118.00</li>
<li>Volume: 1401</li>
<li>Open Interest: 150</li>
</ul>
<h2>Three Indications Of Unusual Options Activity</h2>
Extraordinarily large volume (compared to historical averages) is one indication of unusual options market activity. Volume refers to the total number of contracts traded over a given time period when discussing options market activity. Open interest is the number of unsettled contracts that have been traded but not yet closed by either counterparty. In other words, open interest represents the quantity of contracts that individual parties have written but not yet found a counterparty for (i.e. a buyer finding a seller, or a seller finding a buyer).
The trading of a contract with an expiration date in the distant future is another sign of unusual activity. Generally, additional time until a contract expires increases the potential for it to reach its strike price and grow its time value. Time value is important in this context because it represents the difference between the strike price and the value of the underlying asset. 
Contracts that are "out of the money" are also indicative of unusual options activity. "Out of the money" contracts occur when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made with the expectation that the value of the underlying asset is going to change dramatically in the future, and buyers and sellers will benefit from a greater profit margin. 
<h2>Bullish And Bearish Sentiments</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
These observations are made without knowing the investor's true intent by purchasing these options contracts. The activity is suggestive of these strategies, but an observer cannot be sure if a bettor is playing the contract outright or if the options bettor is hedging a large underlying position in common stock. For the latter case, bullish options activity may be less meaningful than the exposure a large investor has on their short position in common stock.
<h2>Trading Options With These Strategies</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Analyzing ProShares UltraPro S&P 500's Unusual Options Activity

ProShares UltraPro S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPRO#NYSE">UPRO</a>) shares experienced unusual options activity on Friday. The stock price moved up to $118.58 following the option alert. 
<ul>
<li>Sentiment: BULLISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: PUT</li>
<li>Expiration Date: 2021-07-09</li>
<li>Strike Price: $118.00</li>
<li>Volume: 297</li>
<li>Open Interest: 70</li>
</ul>
<h2>Three Indications Of Unusual Options Activity</h2>
One way options market activity can be considered unusual is when volume is exceptionally higher than its historical average. The volume of options activity refers to the number of contracts traded over a given time period. The number of unsettled contracts that have been traded, but not yet closed, is called open interest. These contracts are not yet closed because a buyer has not purchased the contract, or a seller has not sold it.
The trading of a contract with an expiration date in the distant future is another sign of unusual activity. Generally, additional time until a contract expires increases the potential for it to reach its strike price and grow its time value. Time value is important in this context because it represents the difference between the strike price and the value of the underlying asset. 
Contracts with a strike price far from the underlying price are also considered unusual because they are defined as being "out of the money". This occurs when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made because the underlying asset value is expected to change dramatically in the future, and the buyer or seller can take advantage of a greater profit margin. 
<h2>Bullish And Bearish Sentiments</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Trading Options With These Strategies</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Alphabet Inc Class C (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) and Alphabet Inc Class A (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) shares are both trading higher by 5% after the tech company reported better-than-expected first-quarter EPS and sales results. Alphabet also announced a $50 billion Class C Capital Stock buyback.
A number of analyst rating updates followed the earnings beat:
<ul>
<li>Keybanc analyst Justin Patterson maintains Alphabet with an Overweight and raises the price target from $2625 to $2681.</li>
<li>Needham analyst Laura Martin maintains Alphabet with a Buy and raises the price target from $2500 to $2700.</li>
<li>Barclays analyst Ross Sandler maintains Alphabet with an Overweight and raises the price target from $2500 to $3000.</li>
<li>Raymond James analyst Aaron Kessler maintains Alphabet with an Outperform and raises the price target from $2440 to $2750.</li>
<li>Oppenheimer analyst Jason Helfstein maintains Alphabet with an Outperform and raises the price target from $2350 to $2510.</li>
<li>JMP Securities analyst Ronald Josey maintains Alphabet with a Market Outperform and raises the price target from $2400 to $2850.</li>
<li>Wells Fargo analyst Brian Fitzgerald maintains Alphabet with an Overweight and raises the price target from $2650 to $2850.</li>
<li>Credit Suisse analyst Stephen Ju maintains Alphabet with an Outperform and raises the price target from $2500 to $2755.</li>
<li>Mizuho analyst James Lee maintains Alphabet with a Buy and raises the price target from $2600 to $2800.</li>
</ul>
Alphabet is a holding company, with Google, the Internet media giant, as a wholly-owned subsidiary. Google generates a majority of Alphabet revenue, of which around 85% is from online ads.
Google&#39;s other revenue is from sales of apps and content on Google Play and YouTube, as well as cloud service fees and other licensing revenue. Sales of hardware such as Chromebooks, the Pixel smartphone, and smart homes products, which include Nest and Google Home also contribute to other revenue.&nbsp; 
Investors looking for exposure to Alphabet via an ETF should know the FAANG company can be found in the SPDR S&amp;P 500 ETF Trust (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/spy#NASDAQ">SPY</a>), Invesco QQQ Trust Series 1 (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) and ProShares UltraPro S&amp;P500 (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/upro#NASDAQ">UPRO</a>).

Price Target

Analyst Ratings

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GOOGL

Analyst Rating Updates For Alphabet Following Earnings Blowout

ProShares, the largest sponsor of leveraged ETFs, said seven of its ETFs will undergo traditional, forward splits while another eight will be subject to reverse splits. 

Maryland-based ProShares made the announcement <a href="http://www.dailyfinance.com/2013/05/24/proshares-announces-etf-share-splits/">in a statement</a> released after the close of U.S. markets Friday.

The seven ProShares ETFs that will be split on a forward basis are the following: The ProShares Ultra Consumer Goods (NYSE: <a class="ticker" href="/stock/uge#NYSE">UGE</a>), ProShares UltraPro S&amp;P500 (NYSE: <a class="ticker" href="/stock/upro#NYSE">UPRO</a>), ProShares UltraPro MidCap400 (NYSE: <a class="ticker" href="/stock/umdd#NYSE">UMDD</a>), ProShares Ultra Russell3000 (NYSE: <a class="ticker" href="/stock/uwc#NYSE">UWC</a>), ProShares Ultra Health Care (NYSE: <a class="ticker" href="/stock/rxl#NYSE">RXL</a>), ProShares Ultra Consumer Services (NYSE: <a class="ticker" href="/stock/ucc#NYSE">UCC</a>) and the ProShares UltraPro Russell2000 (NYSE: <a class="ticker" href="/stock/urty#NYSE">URTY</a>).

All of those ETFs will be split two-for-one and begin trading at their split-adjusted prices on June 10.

The eight ProShares ETFs that will be reverse split are the following: The ProShares UltraShort DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/kold#NYSE">KOLD</a>), the ProShares VIX Short-Term Futures ETF (NYSE: <a class="ticker" href="/stock/vixy#NYSE">VIXY</a>), ProShares Ultra VIX Short-Term Futures ETF (NYSE: <a class="ticker" href="/stock/uvxy#NYSE">UVXY</a>), ProShares UltraShort Oil &amp; Gas (NYSE: <a class="ticker" href="/stock/dug#NYSE">DUG</a>), ProShares UltraPro Short Financials (NYSE: <a class="ticker" href="/stock/finz#NYSE">FINZ</a>), ProShares UltraPro Short 20+ Year Treasury (NYSE: <a class="ticker" href="/stock/ttt#NYSE">TTT</a>), ProShares UltraShort Russell1000 Value (NYSE: <a class="ticker" href="/stock/sjf#NYSE">SJF</a>) and the ProShares UltraShort MSCI EAFE (NYSE: <a class="ticker" href="/stock/efu#NYSE">EFU</a>).

All of those ETFs will be reverse split on a one-for-four basis except VIXY and UVXY. VIXY will be split one-for-five and UVXY will be split one-for-10. The reverse split ETFs will also begin trading at their post-split prices on June 10.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

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ProShares to Split 15 ETFs

Thought For The Day... Always and never are two words you should always remember never to use. - Wendell Johnson

It is safe to say that all eyes are on Cyprus Monday morning as the proposed tax on savings accounts (10 percent on accounts over 100K euros and 6.75 percent on accounts below 100K) has brought the European debt crisis back into focus. As usual, the key here is the situation with the banks. 

First, the banks in Cyprus. Second, the banks in Greece and then the eurozone. And finally, the banks around the globe. 

Who has lent what to whom? Which banks have exposure to big losses? And won't a tax on bank deposits just mean that savers will take their money and run? And then if other countries decide to adopt this type of tax in order to get help from the eurozone, aren't bank runs a serious possibility? In short, this is what today will be all about. 

But since the banks are closed in Cyprus today (and may stay closed for a while) and the bottom line is the proposal to basically grab money from the citizens of Cyprus still needs to be approved by the country's Parliament, the severity of the current problem remains unknown. (Note that new proposals such as Russia coming to the rescue in exchange for oil/natural gas exploration rights are coming fast and furious and the government in Cyprus is already backing off of the "levy" proposal to some degree.) 

So, while we will once again be focused on the headlines, comments, and rumors out of Europe, I think it is okay to return our attention to the bigger picture of the markets this morning.

Back To The Big Picture: How To Play The Coming Correction

Although the DJIA finished lower on Friday for the first time in eleven sessions (and was red for only the second time in the last 14 days), there was some good news. First, while everybody on the planet knows that this rally is a bit extended and vulnerable, the bears didn't really get much of anything going on Friday (and it remains to be seen how much damage the Cyprus situation will actually cause). 

And second, <a href="http://www.benzinga.com/markets/13/03/3420975/does-the-dows-winning-streak-mean-anything">as detailed on Thursday</a>, a 10-day winning streak on the Dow is (a) rare (17 prior occurrences since 1900) and (b) a relatively good harbinger for the bulls.

To review briefly, if the DJIA winds up with a gain over the next two weeks, history shows that the returns for 10-day periods after a 10-day winning streak are more than six times the average return for all 10-day periods. And if the DJIA can finish higher over the next month, the average return is five times higher than normal. 

Then the returns for the next eight weeks (assuming the Dow is up for the period) have averaged +5.71 percent, or more than 5.4 times the average 8-week return. In short, THIS is what market momentum is all about. In other words, when the bulls get on a roll like this, they tend to stay on a roll.

But everybody on the planet is nervous right now - especially now that Cyprus appears to be blowing up. The macro bears (including more than a few big hedge fund names) are more than a little concerned about those short positions that have been costing them big money this year. And then the bulls are nervous because everybody knows how this type of joyride to the upside tends to end. 

So, now that the Dow's 10-day winning streak is over and the S&amp;P 500 is within a stone's throw from a new high, it is probably time to take one of two tacks. (1) Investors can decide that they've got history on their side and bet that any corrective action that appears in the near-term will be short and shallow. Or (2) you can be proactive and decide to prepare for the coming bear raid.

For those choosing option one, there really isn't much to do here. Probably the biggest thing is to be prepared to watch the action closely during the upcoming correction. You will need to be on the lookout for signs that your thesis is wrong. We'd suggest watching key support levels such as 1480 on the S&amp;P 500. 

A breach of this level would mean that the correction would be exceeding the five percent level (from Friday's closing price, that is), which would be a very simplistic method of confirming that the decline may be turning into something more than a garden-variety pullback within an ongoing bull move.

For those choosing option two, you will probably want to start taking proactive action - and soon. The reason for taking action sooner rather than later is simple: The next decline will likely involve a negative catalyst or trigger. As such, once the catalyst occurs, EVERYONE looking for such a trigger will jump on the short side at the same time. Thus, the time available to react to the move is likely to be very limited. 

Five Proactive Methods for the Upcoming Correction

1. Reduce Your Beta

The first way to play for the correction that nearly everybody in the game is looking for is to reduce the beta in your holdings. In English, this means that it is probably time to take your foot off the gas pedal a bit.

According to <a href="http://en.wikipedia.org/wiki/Beta_(finance)">Wikipedia</a>, "beta" is defined as follows: In finance, the Beta of a portfolio is a number describing the correlated volatility of an asset in relation to the volatility of the benchmark that said asset is being compared to. This benchmark is generally the overall financial market and is often estimated via the use of representative indices, such as the S&amp;P 500.

If a portfolio strategy that you employ tends to outperform - especially during rising markets - then it is a safe bet that said strategy has a fairly high beta. The idea here is to reduce the beta of the strategy by raising some cash with the goal being to bring the beta down to 1 or below. 

Here's an example. In our "Insider Buying Strategy" we buy stocks that corporate insiders (employees that are required to notify the government when they buy their company's stock) are buying - but only when they are buying heavily. (In short, this tells us that something is "up" with the company.) We take a concentrated approach in this portfolio, meaning that each holding is a 10 percent position. Such an approach has performed quite well and has outperformed the market handily. 

However, we have also learned over time that such a concentrated approach will be much more volatile than the market - especially during corrections.

So, given this knowledge and the fact that the market is very overbought, we have been raising cash recently. Currently we have more than 30 percent on the sidelines. This is due in part to the market environment and the fact that there have been very few stocks that meet our buy criteria of late. 

The goal here is to "take the turbo" off of the portfolio for a while in an attempt to retain the healthy lead we've got on the S&amp;P index this year.

2. Put On a Hedge or Two

The second way to play is to put some hedges on in your portfolio. For the uninitiated, the idea is to buy stuff that goes up when the market goes down. Yes, this approach will indeed hurt your performance if the market roars higher from here. Thus, you need to understand that putting on a hedge is like buying homeowners insurance - it has a cost and only pays when something bad happens.

The question of how to hedge (i.e. what to buy) is tricky. A popular approach is to be "long premium" via the volatility index (aka the VIX). However, note that the ETFs designed to mimic the VIX do not do so consistently for a myriad of reasons. Thus, be very careful buying ETFs such as the VXX or the VXZ as they may not deliver what you are expecting.

You can also buy ETFs designed to hedge such as the AdvisorShares Ranger Equity Bear ETF (NYSE: <a class="ticker" href="/stock/hdge#NYSE">HDGE</a>) or the ETRACS Fisher-Gartman Risk Off ETF (NYSE: <a class="ticker" href="/stock/off#NYSE">OFF</a>). But it is important to note that the HDGE is an actively managed ETF. Thus, the "bets" may not pay off as anticipated. In addition, before you bomb into the OFF, which is promoted by media darling Dennis Gartman, understand that this ETF is VERY thinly traded at times and that the "risk-on/risk-off" trade that was popular during 2010-2011 has become far less so these days.

But perhaps the most straightforward way to hedge a long-oriented portfolio strategy is to use inverse ETFs and/or leveraged inverse ETFs. Although there are many alternatives to choose from, my personal favorites are the ProShares Short S&amp;P 500 (NYSE: <a class="ticker" href="/stock/sh#NYSE">SH</a>), the ProShares UltraShort S&amp;P (NYSE: <a class="ticker" href="/stock/sds#NYSE">SDS</a>), which is a leveraged ETF designed to deliver 2X the daily return of the index, and the ProShares UtraPro Short S&amp;P (NYSE: <a class="ticker" href="/stock/spxu#NYSE">SPXU</a>), which is a 3X leveraged short ETF.

However, given that the stated objective of these ETFs is to deliver the inverse (or some multiple thereof) on a DAILY basis, these may not be good long-term holdings. Studies show that shorting the long ETFs (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>), (NYSE: <a class="ticker" href="/stock/sso#NYSE">SSO</a>), and (NYSE: <a class="ticker" href="/stock/upro#NYSE">UPRO</a>) is a more sound approach for those comfortable with putting on actual short positions.

The strategy here is to either use cash in your portfolio to buy inverse ETF's in order to hedge the remaining long positions (which, we assume, you would want to hold onto during a garden-variety market pullback) or to sell short positions. Such an approach will produce profits in the portfolio during market declines, which should offset some or all of the losses on the remaining long positions. 

3. Sell Premium

The next idea is for those folks with stock portfolios. Assuming your portfolio is of sufficient size - meaning that you hold positions of 100 shares or more - you can "sell premium" on positions you want to continue to hold in order to produce some income for your portfolio. 

In short, the idea is to sell calls on positions you want to hold (i.e. sell a "covered call"). This approach is best when the pullback is expected to be shallow. And it is also important to note that selling covered calls may cause your long position to be "called away" if the bulls continue to run. However, this is a relatively low-risk way to help your stock portfolio weather an upcoming storm.

4. Play The Rotation Game

You can also reduce the beta in your portfolio by swapping out more volatile positions with some lower beta holdings. The idea here is to take profits on stocks that have been rocket ships lately (things like Home Depot (NYSE: <a class="ticker" href="/stock/hd#NYSE">HD</a>) or Google (NASDAQ: <a class="ticker" href="/stock/goog#NASDAQ">GOOG</a>)) and replace them with lower beta areas such as utilities or telecoms. 

However, it is VERY important to note that in declines - especially if they become severe - ALL stocks go down, it's just a question of degree. Thus, this approach probably provides the least amount of "defense" for your portfolio of the alternatives reviewed so far.

5. Hire a Pro (The Personal Favorite!)

Finally, you can hire a pro that specializes in long/short and/or active management strategies. This one is dear to my heart, so I'm definitely talking my book here. 

But another way to play for an upcoming correction is to hire a manager (or purchase a subscription service) that is adept at sidestepping declines and/or profiting from big corrections in the stock market, and then allocate a portion of your portfolio to this type of strategy. 

This is where my marketing team tells me that I should insert a shameless plug for our services. But, I'm not big on marketing and besides, I think you get the idea. But know that we're here to help if you are looking for some...

Follow Me on Twitter: <a href="https://twitter.com/StateDave">@StateDave</a>

-----------------------------

The opinions and forecasts expressed herein are those of Mr. David Moenning and may not actually come to pass. Mr. Moenning's opinions and viewpoints regarding the future of the markets should not be construed as recommendations. The analysis and information in this report and on our website is for informational purposes only. No part of the material presented in this report or on our websites is intended as an investment recommendation or investment advice. Neither the information nor any opinion expressed nor any Portfolio constitutes a solicitation to purchase or sell securities or any investment program. The opinions and forecasts expressed are those of the editors of StateoftheMarkets.com and may not actually come to pass. The opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security nor specific investment advice. One should always consult an investment professional before making any investment.

Hedge Funds

Financing

Events

Global

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HDGE

SPXU

Will Cyprus Be The Trigger? (And Ways to Play the Coming Correction)

Shares of the following exchange traded funds are more than 15% higher than 90 days ago and trading within 9% of their 52-week highs.

Direxion Daily Healthcare Bull 3X Shares (NYSE: <a class="ticker" href="/stock/cure#NYSE">CURE</a>) is more than 26% higher year to date but trading about where it was a month ago. The nondiversified fund creates long positions by investing at least 80% of its net assets in the equity securities that comprise the Health Care Select Sector Index, or financial instruments that provide leveraged and unleveraged exposure to the index. These financial instruments include: futures contracts, swap agreements and short positions.

Direxion Daily Large Cap Bull 3X Shares (NYSE: <a class="ticker" href="/stock/bgu#NYSE">BGU</a>) is up more than 40% from the beginning of the year, including up almost 7% in the past week. The nondiversified fund creates long positions by investing at least 80% of its net assets in the equity securities that comprise the Russell 1000 Index, or financial instruments that provide leveraged and unleveraged exposure to the index. These financial instruments include: futures contracts, swap agreements and short positions.

Direxion Daily Real Estate Bull 3X Shares (NYSE: <a class="ticker" href="/stock/drn#NYSE">DRN</a>) is about 48% higher year to date, as well as up about 9% in the past week. The investment seeks daily investment results of 300% of the performance of the MSCI US REIT Index. The nondiversified fund normally creates long positions by investing at least 80% of its net assets in the equity securities that comprise the index, or financial instruments that provide leveraged and unleveraged exposure to the index.

See also: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/05/2547337/s-p-look-to-etfs-holding-multi-family-reits-vnq-icf-rez">S&amp;P: Look to ETFs Holding Multi-Family REITs</a>

ProShares Ultra Nasdaq Biotechnology (NASDAQ: <a class="ticker" href="/stock/bib#NASDAQ">BIB</a>) is up more than 42% year to date, including about 7% higher in the past week. This investment seeks daily investment results that correspond to twice (2x) the daily performance of the underlying index. The nondiversified fund concentrates its investments in a particular industry or group of industries to approximately the same extent as the index. Alexion Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/alxn#NASDAQ">ALXN</a>) is one top holding.

ProShares UltraPro QQQ (NASDAQ: <a class="ticker" href="/stock/tqqq#NASDAQ">TQQQ</a>) is up more than 69% since the beginning of the year, including about 10% in the past week. The investment seeks daily investment results that correspond to three times (3x) the daily performance of the underlying index. Assets of the fund not invested in equity securities or derivatives typically are held in money market instruments. Top holdings include Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>), Microsoft (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>) and Google (NASDAQ: <a class="ticker" href="/stock/goog#NASDAQ">GOOG</a>).

ProShares UltraPro S&amp;P 500 (NYSE: <a class="ticker" href="/stock/upro#NYSE">UPRO</a>) is up more than 40% since the beginning of the year, including rising more than 7% in the past week. This investment seeks daily investment results that correspond to three times (3x) the daily performance of the underlying index. The nondiversified fund concentrates its investments in a particular industry or group of industries to approximately the same extent as the index. Apple and Exxon Mobil (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) are top holdings.

See also: <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/04/2538130/etfs-for-sell-in-may-and-go-away-part-ii-fbt-xlu-soxs">ETFs to Sell in May and Go Away</a>

ProShares Ultra Russell 1000 Growth (NYSE: <a class="ticker" href="/stock/ukf#NYSE">UKF</a>) is more than 30% higher since the beginning of the year and trading near the 52-week high. This investment seeks daily investment results that correspond to twice (2x) the daily performance of the underlying index. The nondiversified fund concentrates its investments in a particular industry or group of industries to approximately the same extent as the index. Top holdings include Apple, Exxon and IBM (NYSE: <a class="ticker" href="/stock/ibm#NYSE">IBM</a>).

ProShares Ultra Technology (NYSE: <a class="ticker" href="/stock/rom#NYSE">ROM</a>) is more than 40% higher year to date, despite pulling back about 5% in the past month. The investment seeks daily investment results that correspond to twice (2x) the daily performance of the underlying index. Assets of this nondiversified fund not invested in equity securities or derivatives typically are held in money market instruments. Top holdings include Apple, IBM, Google and Intel (NASDAQ: <a class="ticker" href="/stock/intc#NASDAQ">INTC</a>).

Teucrium Soybean (NYSE: <a class="ticker" href="/stock/soyb#NYSE">SOYB</a>) is trading about 15% higher than three months ago. The investment seeks to have the daily changes in percentage terms of the funds NAV per share reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for the three soybean futures contracts. The fund invests normally in Benchmark Component Futures Contracts or in other Soybean Futures Contracts trade on the CBOT or on foreign exchange.

<div id="action-items">ACTION ITEMS:

Bullish: Investors may also want to consider the following trades: 

<ul><li>ProShares Short VIX Short-Term Futures ETF (NYSE: <a class="ticker" href="/stock/svxy#NYSE">SVXY</a>) is almost 88% higher year to date.</li>
<li>UBS E-TRACS Daily Short 2-Month S&amp;P 500 VIX Futures ETN (NYSE: <a class="ticker" href="/stock/bbvx#NYSE">BBVX</a>) is more than 49% higher year to date.</li>
<li>iPath Inverse S&amp;P 500 VIX Short-Term Futures ETN II (NYSE: <a class="ticker" href="/stock/ivop#NYSE">IVOP</a>) is about 44% higher year to date.</li>
</ul>Bearish: Traders may prefer to consider these alternative positions in stocks:

<ul><li>Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) is up almost 44% year to date.</li>
<li>Alexion Pharmaceuticals (NYSE: <a class="ticker" href="/stock/alxn#NYSE">ALXN</a>) is up more than 28% year to date.</li>
<li>Microsoft (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>) is up more than 24% year to date.</li>
</ul>Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.</div>

Long Ideas

Short Ideas

ALXN

BBVX

CURE

Direxion Daily Real Estate Bull 3x Shares

INTC

IVOP

MSFT

SOYB

SVXY

Nine ETFs on a Roll (DRN, TQQQ, BIB, BGU)

CME - S&amp;P 500 INDEX CASH– (JUNE) Daily
Near Term Trend: Positive to Neutral
Wednesday's Close: 1385.14 (- 5.70)

Ways to Play this: 


<ul><li>SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>)</li>
<li>ProShares Ultra S&amp;P 500 (NYSE: <a class="ticker" href="/stock/sso#NYSE">SSO</a>)</li>
<li>ProShares UltraShort S&amp;P 500 (NYSE: <a class="ticker" href="/stock/sds#NYSE">SDS</a>)</li>
<li>ProShares UltraPro S&amp;P 500 (NYSE: <a class="ticker" href="/stock/upro#NYSE">UPRO</a>)</li></ul>

<img src="/files/images/2012/April/19/sp1.png" width="644" height="316" alt="sp1.png" />
 
UPDATE: Four weeks ago, we stated, “If the market approaches the 1410.00 region I would expect that area to be the upper limit of this move, and a retrace toward 1360.00 to follow”. 

Subsequently, the market collapsed once it hit just above 1410.00, and then retraced down to 1358.00, before bouncing higher.

We have been pretty much spot- on. In addition, I stated I would short the Index on a daily close below 1388.00- not before.

We did that on April 9th as the market settled at 1382.00. We are currently short with a daily stop close only at 1402.40. 

<img src="/files/images/2012/April/19/oil1.png" width="644" height="316" alt="oil1.png" />

NYMEX - CRUDE OIL (June) - Daily
Near Term Trend: Neutral to Negative
Wednesday's Close: $103.36 (+ $.24 cents)
 
Ways to Play – SPDR Gold TRUST (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>)
 
UPDATE: Over six weeks ago, we were clear in stating, “We still believe since a weekly settlement above $108.40 has not been posted we could see Crude retrace back toward $100.00”.
 
The price retraced to a low of $101.22, last week. 
 
Although a bounce above $105.00 took place three days ago, this market is still struggling for now. 

<img src="/files/images/2012/April/19/gold1.png" width="644" height="316" alt="gold1.png" />

NYMEX - GOLD – Daily
Near Term Trend: Negative
Wednesday's Trade: $1,642.10 (+ $3.30)
 
Ways to trade - United States Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>)
 
UPDATE: Six weeks ago, as the market was trading near $1,710.00, we stated, “Overhead at $1,740.00 could hold, as the market could continue to retrace toward $1,635.00”. Since then, the low has been $1,612.40.

Three weeks ago, we clearly stated, “The challenge will be near term resistance at current levels, up to $1,694.00- resistance at the blue M.A. Line”. We were on point as the high following that statement was $1,697.00, as the market stalled and was hammered once again. &amp; volatility has died. support $1,600.00 is key
 


Editor's Note: Article and charts provided by Chart Lab Pro. Sign up for your FREE 30 day FREE Trial, use the promo code: Chartp2p8i. "The best automated platform for all level investors: <a href="http://www.chartlabpro.com">www.Chartlabpro.com</a>"

Commodities

Weekly S&P 500, Gold, and Oil Trends (USO, GLD, SPY)

We called 1275, don't get emotional. 
This past Tuesday we got news that the EcoFin (Finance Ministers) meeting was canceled for Wednesday. Then we find out from CNBC's Steve Liesman that the Ecofin meeting was actually never needed. Then it is reported, they will meet after the summit of EU leaders on Wednesday. Mid-Day Tuesday while the S&amp;P 500 was down 16 to 20 points trading in the 1230 to 1238 range, we told our readers to look for 1275 in the short term and don't fear the EU noise. This noise can make anyone insane. We told readers and members to stay the course for now and look for 1275 before reducing long positions and 1300 before selling more.
Last week, we put out an article on where we thought the S&amp;P 500 was going and the relationship between human behavior and historical price action. If you are a current reader of our publication or FREE news letter, you will recall, we were calling for 1255 on Monday the 17th with a potential parabolic move to 1300. This weekend we updated our price objective and stated we are looking for 1275 and if reached we are looking to reduce 20% of our long positions. This has been a sharp incline and would only be prudent to raise some cash at 1275.
Many of our trading and investment peers have repeatedly been non-believers in this 180 point rally off the intra-day low in the S&amp;P 500. DO NOT GET EMOTIONAL, if you are investing, emotions need to be removed from the equation. Whether the bears are right about the global fundamentals and the EU being a complete house of cards, it is irrelevant to the short term price action.
We believe this rally is purely constructed on human behavior – behavioral finance. You can see from the chart above the natural progression of human behavior in the markets: you have a cycle led by optimism, excitement, relief, anxiety, denial, panic, maximum amount of pain, and lastly, optimism. 
These human behaviors are purely based on primal survival instincts. Our theory is that we are approaching the excitement/relief phase with a now EU resolution. We will see the anxiety phase once the market questions the validity of the EU backstop package. 
So here we are, two days later hitting our price objective. For our readers, our S&amp;P 500 market call proved to be valuable. Our members received our 1275 price alert over a week ago. We also told readers to reduce some risk at 1275 in the short term. On Saturday, we told long term investors we were looking for 1300 in the short term (1 to 3 weeks) with a parabolic move. We have remained bullish since we told our members to get long the S&amp;P 500 On Sunday October 2nd at 1090. At this juncture, it would be prudent to take some profits if you caught this rally. Look to reduce risk at 1275 and 1300.
So why have we been bullish? Last week in our article, "Where is the market heading?", we demonstrated our theory on behavioral finance when applied to the current S&amp;P price action. Below is the chart we demonstrated this theory.
For our FREE S&amp;P 500 News letter visit <a href="http://www.thechartlab.com" title="www.thechartlab.com">www.thechartlab.com</a>

Intraday Update

We called 1275, don't get emotional. 

Above my desk I have a big sign that says “<a href="http://www.minyanville.com/businessmarkets/articles/precious-metals-gold-prices-silver-prices/7/25/2011/id/35921#disqus_thread">the market will always do</a> what the market has always done, misdirect, confuse and confound.” The way the <a href="http://seekingalpha.com/article/301312-s-p-500-s-friday-gain-makes-a-positive-week">S&amp;P</a>has been behaving since August is proof perfect that this slogan is as true as ever.

	 

	For those of you not conversant with the <a href="http://www.proshares.com/funds/">Ultra Pro Shares</a> ETFs Pro Shares Ultra Pro S&amp;P 500   <a href="http://seekingalpha.com/article/188253-look-out-direxion-proshares-launches-line-of-3x-leverage-and-inverse-etfs">(UPRO</a>) is a triple leveraged fund that seeks a 300% return on the performance of the S&amp;P for a single day. Conversely, The Pro Shares Ultra Pro Short S&amp;P 500 (<a href="http://www.dailyfinance.com/quote/nyse/proshares-ultrapro-short-sp-500/spxu">SPXU</a>) seeks a triple leverage or 300% return on the inverse performance of the S&amp;P 500. 

	For those of you that read me on a regular basis you know that I was certain back in August that the S&amp;P would break the support line of 1100 and from there would go to 1050 / 1020 and if things got very tight it would go to 960.

	 

	On October 3rd I was sure that I would be right as I watched the S&amp;P break the 1100 support and hit an intraday low of 1078 before closing at 1100. One or two more days of trading below 1100 would confirm my thesis and I would add to my already overweight position of SPXU. Well I was wrong. Two days at 1100 on the S&amp;P and it began its march up and I was forced to sell at about 1140 and admit that I had been fooled again. Let’s take a look at the chart below.

	 

	<img src="http://dl.dropbox.com/u/20855171/S%26P%20500%2010-23-11.png" alt="S%26P%20500%2010-23-11.png" />
	 

	As this chart will show the S&amp;P kept its march up and about two weeks ago it formed a consolidation area between 1200 and 1220. There it remained for several weeks. The S&amp;P attempted to continue to <a href="http://www.investopedia.com/terms/c/consolidation.asp#axzz1bdKka7oW">consolidate</a> last week as it traded sideways in the $1200-$1220 range. On Friday the S&amp;P 500 closed the week out at the highest prices it has seen since the decline that began in August. Buyers, however, remained impatient and only allowed a week or two of rest. This is a good show of strength as the S&amp;P could have easily experienced a deeper pullback and still remained healthy. While I believe the S&amp;P will need to take a more extended breather, (especially with the uncertainty from Europe) it may make a run towards $1260-$1270.

	 

	This is a key level to watch in the near term as it marks a prior support level from June and the approximate area of the 200-day moving average. If it breaks through the 200 DMA we will rally to the end of the year. While S&amp;P still has plenty of overhead <a href="http://www.investopedia.com/terms/r/resistance.asp#axzz1bdKka7oW">resistance</a>, the rally from its recent lows has been staggering.

	 

	In conclusion, I think that Fridays rally to 1138 was less of a rally and more of a short covering. I expect to see a pullback to the 1220 level today but there are other factors involved.

	 

	According to the <a href="http://online.wsj.com/article/SB126832878888060011.html">Wall Street Journal</a>, European leaders are nearing agreement on a plan that would see the region's banks raise around €100 billion ($139 billion) in fresh capital, said three people familiar with marathon talks taking place here on Sunday.

	 

	I must interject that the great <a href="http://seekingalpha.com/instablog/271099-nathaniel-crawford/60389-lessons-from-jesse-livermore">Jesse Livermore</a> taught us that it is not the news that means anything it is how the market reacts to the news that is important.

	 

	The bank-recapitalization plan is the easiest piece of a three-pronged bargain that the <a href="http://seekingalpha.com/article/277168-applying-the-mankiw-rule-to-the-eurozone">17 euro-zone nations</a> are hoping to reach during meetings that began Sunday and will continue through at least Wednesday. There remain disagreements on the other two measures—steps to boost the firepower of the bloc's €440 billion bailout fund and, critically, to deal with Greece's spiraling public debt through a complex restructuring.

	 

	German Chancellor <a href="http://seekingalpha.com/article/301319-price-action-sentiment-favor-bulls-but-what-if-something-goes-wrong">Angela Merkel</a>, left, walks with IMF Managing Director Christine Lagarde, center, and <a href="http://seekingalpha.com/article/297946-ecb-rate-decision-brings-currencyshares-euro-etf-into-focus">ECB</a><a href="http://seekingalpha.com/article/301319-price-action-sentiment-favor-bulls-but-what-if-something-goes-wrong">President Jean-Claude Trichet</a> during a roundtable meeting of euro-zone members at an <a href="http://seekingalpha.com/currents/post/97144">EU summit in Brussels</a> on Sunday.

	European Union finance ministers discussed the bank plan during a 10-hour session on Saturday. <a href="http://seekingalpha.com/article/164956-sweden-prepares-for-financial-collapse-in-latvia-major-bank-losses-at-home">Swedish Finance Minister Anders Borg</a> said on his way out of the meeting they had agreed to the foundations of a plan. Today will be a very interesting day.

As The S&P Goes - So Goes SPXU and UPRO

The purpose of this Q&amp;A is to offer a brief overview of Exchange Traded Funds so that you can gain a better understanding of these investment products and learn how to profit from them.

What is an ETF?

An ETF is an investment fund traded on a stock exchange. The fund can be invested in equities, currencies, bonds, commodities, derivatives, swaps, futures contracts, etc. Purchasing an ETF entitles you to participate in profits if the holdings increase in value, or to realize a loss if the holdings decrease in value. An ETF is open to any investor that has access to buy and sell stocks through any licensed brokerage account. 

What determines the value of an ETF?

The value of every ETF will always correspond to the value of its holdings, which constantly fluctuate. For example, the SPDR Gold Trust ETF (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) is an ETF that holds bricks of gold, which are stored in a secret warehouse somewhere in London. If the price of physical gold were to increase throughout the day, the bricks of gold held by the ETF managers are now more valuable, resulting in an increase in the ETF share price. 

What is an "Index ETF"?

An Index ETF is a fund that attempts to duplicate performance of a particular index by investing in the exact holdings, in the exact same proportions, as the underlying entity (referred to as "replication").

The most actively traded ETF is the SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>). As outlined above, the fund holds all 500 securities in the exact same proportions as the underlying Standard and Poor's 500 Index. If the S&amp;P 500 index falls by 1.25% in any given day, it is reasonable to assume that SPY will lose approximately the same value.

Most, if not all, indexes are investable through their corresponding ETF. For example, the Financial Select SPDR Fund (NYSE: <a class="ticker" href="/stock/xlf#NYSE">XLF</a>) is designed to seek investment objectives that correspond to the returns of the Financial Select Sector Index. 

What is an inverse ETF?

An inverse ETF is designed to provide investors with the opposite return of an index or commodity. For example, the investment objective of the ProShares Short Dow 30 (NYSE: <a class="ticker" href="/stock/dog#NYSE">DOG</a>) is to provide an return that is equal to the inverse of the performance of the Dow Jones Industrial Average. If the Dow were to drop 2.4%, it is very reasonable to assume that DOG would gain 2.4% in value. Likewise, if the Dow were to gain 2.4%, assume that DOG would lose 2.4% of its value.

What is a leveraged ETF?

A leveraged ETF is designed to magnify the performance of the underlying index through the use of complex swaps. A leveraged ETF can provide a return equal to two or three times the performance of the underlying index. For example, the ProShares UltraPro S&amp;P 500 (NYSE: <a class="ticker" href="/stock/upro#NYSE">UPRO</a>) ETF is designed to achieve a return of approximately 300% of the S&amp;P 500 index. If the index were to gain 1.5%, it is reasonable to expect UPRO to gain 4.5%.

There are also ETFs which provide a leveraged inverse. The ProShares UltraShort S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spxu#NYSE">SPXU</a>) ETF is designed to achieve a return of approximately 300% of the inverse of the S&amp;P 500 index. If the index were to gain 1.5%, it is reasonable to expect the ETF to lose 4.5%. 

What advantages do ETF's offer?

 •	 ETFs can be easily bought and sold. ETFs offer investors the ability to buy or sell their holdings almost instantly, whereas mutual fund transactions take quite a bit of time to close (generally end of the day). That liquidity is a major benefit considering the extreme amount of volatility the market has experienced over the past few years.

•	ETFs offer significant tax advantages over mutual funds. When an investor has a gain in an ETF, he/she is not taxed until the product is sold, allowing for the investor to hold onto that gain until the closing transaction. Mutual funds, on the other hand, impose a tax for every realized gain. For example, when a fund manager makes a profitable trade, the gains are passed on to the investor along with the tax. 

 •	Modern ETFs offer exposure to products that traditionally have not been available to common investors (or too expensive), such as corn (Teucrium Corn Fund ETF: (NYSE: <a class="ticker" href="/stock/corn#NYSE">CORN</a>))

 •	ETFs can be used to gain exposure to international markets. For example, one could invest in Brazil via the iShares MSCI Brazil ETF (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>).

Why is it widely discouraged to hold leveraged ETFs for more than one day?

Leveraged ETFs are re-balanced daily, meaning that the holdings can fluctuate greatly from one day to the next. Leveraged ETFs also continuously lose value due to compounding.

 Let us take a look at the mathematics behind this using a made up ETF (XXX), which trades at $10.00. This ETF is designed to offer 3x leverage to its underlying index (XXXa), which is valued at 1,000. After one day of trading, the index gains 40 points (4%) and the ETF accordingly rises 12% to close at $11.20. The next day, the index loses the previous gain of 40 points and closes back at 1,000. This 40 point drop corresponds to 3.85%. As a result, the ETF loses 11.55% and will close at $9.91. As you can see, even though the index has retained the same value, the ETF has not. 

Does an ETF stay close to its "true value"?

For the most part, yes it does. Keep in mind that the assets being held in the ETF have a value that can be determined. If an ETF is undervalued, sophisticated traders with advanced analytic equipment will buy the ETF at its discounted price, thus pushing the value closer to its "true range". This type of trading is known as "ETF arbitrage." Sophisticated trading machines are constantly scanning the market for such opportunities, making it rare for an ETF to deviate more than 0.5% away from its "true value" for a prolonged period of time.

How popular are ETFs?

Over the past few years, ETFs have exploded in both volume and popularity. The increase in investor interest has led to the creation of a seemingly endless number ETF funds.

The ten most popular ETFs in terms of trading volume in the market currently are:

1) SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>)

2) Financial Select SPDR (NYSE: <a class="ticker" href="/stock/xlf#NYSE">XLF</a>)

3) PowerShares QQQ Trust (NASDAQ: <a class="ticker" href="/stock/qqq#NASDAQ">QQQ</a>)

4) iShares Russell 2000 Index Fund (NYSE: <a class="ticker" href="/stock/iwm#NYSE">IWM</a>)

5) iShares MSCI Emerging Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>)

6) Direxion Financial Bull 3x Shares (NYSE: <a class="ticker" href="/stock/fas#NYSE">FAS</a>)

7) ProShares UltraShort S&amp;P 500 (NYSE: <a class="ticker" href="/stock/sds#NYSE">SDS</a>)

8) iPath S&amp;P 500 VIX Short-Term Futures ETN (NYSE: <a class="ticker" href="/stock/vxx#NYSE">VXX</a>)

9) iShares Silver Trust (NYSE: <a class="ticker" href="/stock/slv#NYSE">SLV</a>)

10) Vanguard MSCI Emerging Markets (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>)
 

Is an ETF a suitable investment for everyone?

Yes and no. Many ETFs are simple to understand and provide great investment opportunities, however leveraged ETFs are designed specifically for investors with advanced knowledge since the funds hold complex derivatives and forward swaps. 

There are countless ETFs in the market to choose from, ranging from very common to very strange. Before making any trade, it is prudent to know exactly what you are buying (or selling) – so do your research. As always, potential investors should exercise caution and consult with experts whenever necessary.

Financial Advisors

New ETFs

Emerging Market ETFs

Currency ETFs

Personal Finance

CORN

Barclays Bank iPath S&P 500 VIX Short-Term Futures ETN

Beginner's Guide to Understanding ETFs

Several weeks ago I called for a buy of SPXU. The Pro Shares Ultra Pro Short S&amp;P 500 (<a class="ticker" href="/stock/spxu#">SPXU</a>) seeks a triple leverage or 300% return on the inverse performance of the S&amp;P 500. Conversely, Pro Shares Ultra Pro S&amp;P 500 (<a class="ticker" href="/stock/upro#">UPRO</a>) is a triple leveraged fund that seeks a 300% return on the performance of the S&amp;P for a single day. If you believe as I do that we are setting up for a leg down on the S&amp;P then SPXU is the best way to profit from this trade.

Despite this week's rally I believe the bear market rally isn't over. The traditional definition on Wall Street is that bear market rally's end once stocks have fallen 20 percent and I believe this one won't be any different. At its intraday low this past Tuesday, the S&amp;P 500 was off 21.6% from its May 2nd high, marking the 16th “official” bear market since 1940. Before Tuesday's close, stocks rallied back above the 20% threshold on hopes that Euro–zone officials would be hatching a bigger and broader bailout plan. 
While after the day's 4% reversal, the equity benchmark continued to rocket higher the next two days and ended the week about 16% below the May high. In my opinion, investors shouldn't presume that the dance with the bear is over. Tuesday's pattern did not meet the explosion in volume that typically comes with a climatic capitulation. Once a bottom is formed it generally takes several months to complete the bottoming process. The ugly news is that historically this bottoming process could involve a further 10 to 12% decline with heavier volume. 

Over the last 70 years, bear markets have averaged 32% decline and a median 28.8% drop. The deepest bear market ended November 2008 following the collapse of Lehman Brothers, with more than half of the equity market's value wiped out from the 2007 top. However, the equity losses credited to the housing crisis were even deeper if you ignore a slight 47 day respite at the end of the year when the benchmark snapped back by 24%. However it continued to lose more than another 20% before finally bottoming out in May 2009 at the ominous intraday level of 666.76.

If this bear market I am predicting holds true, the U.S. will find itself in good company. The majority of major markets in the world are in bear territory. At last count 20 of the 29 major world markets – from Italy to China to even Columbia were in bear market territory. 
I believe this is a Lehman Brothers situation in Europe and our dance with the bear is far from over. Europe is in recession and the U.S. and China will be there soon. 

To further illustrate my point I believe we are near that emotional point that occurs near the end of bear markets when sentiment gets so negative that there is nearly no one left to keep selling and therefore a rebound must ensue. This capitulation typically occurs with a few down days or strong reversal days on very high volume.

SPKU Call Right but Too Early

Wow! What a week! 

Friday ended the worst quarter for the stock market since 2010. After another choppy day, as expected, stocks sold off Friday, 10/28/11, at 3PM to close the day down 240 points o the Dow, 29 points on the S&amp;P and an amazing 65 points on the NASDAQ. The close of 10903 on the Dow was seen as a psychological level of the already fragile economy turning from bad to worse.

All summer the markets have been beaten by the growing fears of a possible default by Greece and the likelihood of a global recession. The choppy data has led to bouts of buying and selling and it was not unusual to see 300 point swings on a slow day. The Dow, S&amp;P 500, and the Nasdaq each have lost more than 12% this quarter. That's the first that has happened since 2008.

The short story is that there has been some technical damage done. The market is broken and weak. I believe that the weakness is the start of a longer decline because bonds are increasing in value (which means a stronger dollar) and interest rates are low. 

Commodities will continue to sell off which is definitely an indication that the market economic activity is going to be weak. 

Add to this that traders have made big moves in response to US economic data, which has suggested a slowdown. Europe continues to struggle and developing countries like China, which have been driving global growth, are showing signs of weakness. All the stars are in a line for a likely recession in the U.S.

The Pro Shares Ultra Pro Short S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spxu#NYSE">SPXU</a>) seeks a triple leverage or 300% return on the inverse performance of the S&amp;P 500. If you believe as I do that we are setting up for a leg down on the S&amp;P then SPXU is the best way to profit from this trade. For several weeks I have been writing that SPXU was about to break out and I have taken my fair share of barbs for calling the leg down too early. 

Monday, earnings season begins, and if Friday was any indication of what investors have in mind for what they are likely to see and hear then Friday's selloff was a prelude. Please see chart below.

<img src="/files/images/2011/October/02/sp_500_10-03-11.png" width="848" height="768" alt="sp_500_10-03-11.png" />

The chart shows that the S&amp;P has finally capitulated to the trend line. While there will still be resistance at 1120, once the S&amp;P breaks that resistance level it will go to between 1120 and 1150 rather quickly. When it does I will sell the SPXU and buy UPRO. Once the S&amp;P tests 1020 - 1050 it will work its way back up 1200. The best way to profit from this is to use UPRO. 

Pro Shares Ultra Pro S&amp;P 500 (NYSE: <a class="ticker" href="/stock/upro#NYSE">UPRO</a>) is a triple leveraged fund that seeks a 300% return on the performance of the S&amp;P for a single day. 

In conclusion, earnings report or no earnings report, the market is broken and it needs to heal. The S&amp;P will need to test the 1020 / 1050 level before it can once again begin its assent. While it goes through these growing pains, why not profit by using these tailor made stocks - SPXU for the ride down and UPRO for the ride up?

Enjoy the ride!

SPXU On The Way Down, UPRO On The Way Up

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