Wednesday, July 2, 2008

Investors bet against decoupling

Among the ProShares ETFs that are currently surging in price it is noteworthy that a large contingent include the short or ultra-short international ETFs.

The following is our list of strongest ProShares ETF performers as the close of trading on 7/2/08:

Symbol Signal Type Name Category 20-Day MA over 50-day MA DMI Aroon
DOG BUY Short Dow30 Short Market Cap Yes DMI: strong trend Up (ADX: 43 +DI: 39 -DI: 7) Strong Up trend - Up: 96 Down: 4 Osc: 92
DXD BUY UltraShort Dow30 Short Market Cap Yes DMI: strong trend Up (ADX: 42 +DI: 38 -DI: 7) Strong Up trend - Up: 96 Down: 4 Osc: 92
EEV BUY UltraShort MSCI Emerging Markets Short International Yes DMI: strong trend Up (ADX: 26 +DI: 36 -DI: 15) Strong Up trend - Up: 100 Down: 12 Osc: 88
EFU BUY UltraShort MSCI EAFE Short International Yes DMI: strong trend Up (ADX: 28 +DI: 38 -DI: 16) Strong Up trend - Up: 100 Down: 12 Osc: 88
EFZ BUY Short MSCI EAFE Short International Yes DMI: strong trend Up (ADX: 38 +DI: 55 -DI: 15) Strong Up trend - Up: 100 Down: 12 Osc: 88
EUM BUY Short MSCI Emerging Markets Short International Yes DMI: strong trend Up (ADX: 27 +DI: 44 -DI: 16) Strong Up trend - Up: 92 Down: 12 Osc: 80
EWV BUY UltraShort MSCI Japan Short International Yes DMI: strong trend Up (ADX: 25 +DI: 41 -DI: 19) Strong Up trend - Up: 100 Down: 28 Osc: 72
FXP BUY UltraShort FTSE/Xinhua China 25 Short International Yes DMI: strong trend Up (ADX: 22 +DI: 34 -DI: 16) Strong Up trend - Up: 100 Down: 16 Osc: 84
MYY BUY Short MidCap400 Short Market Cap Yes DMI: strong trend Up (ADX: 31 +DI: 41 -DI: 11) Strong Up trend - Up: 100 Down: 24 Osc: 76
MZZ BUY UltraShort MidCap400 Short Market Cap Yes DMI: strong trend Up (ADX: 29 +DI: 38 -DI: 10) Strong Up trend - Up: 100 Down: 24 Osc: 76
PSQ BUY Short QQQ Short Market Cap Yes DMI: strong trend Up (ADX: 23 +DI: 30 -DI: 15) Strong Up trend - Up: 96 Down: 24 Osc: 72
QID BUY UltraShort QQQ Short Market Cap Yes DMI: strong trend Up (ADX: 23 +DI: 29 -DI: 15) Strong Up trend - Up: 100 Down: 24 Osc: 76
SCC BUY UltraShort Consumer Services Short Sector Yes DMI: strong trend Up (ADX: 27 +DI: 34 -DI: 14) Strong Up trend - Up: 96 Down: 24 Osc: 72
SDK BUY UltraShort Russell MidCap Growth Short Style Yes DMI: strong trend Up (ADX: 25 +DI: 35 -DI: 15) Strong Up trend - Up: 100 Down: 56 Osc: 44
SDS BUY UltraShort S&P500 Short Market Cap Yes DMI: strong trend Up (ADX: 34 +DI: 34 -DI: 11) Strong Up trend - Up: 96 Down: 24 Osc: 72
SFK BUY UltraShort Russell1000 Growth Short Style Yes DMI: strong trend Up (ADX: 26 +DI: 30 -DI: 20) Strong Up trend - Up: 100 Down: 24 Osc: 76
SH BUY Short S&P500 Short Market Cap Yes DMI: strong trend Up (ADX: 34 +DI: 34 -DI: 11) Strong Up trend - Up: 96 Down: 4 Osc: 92
SIJ BUY UltraShort Industrials Short Sector Yes DMI: strong trend Up (ADX: 23 +DI: 37 -DI: 12) Strong Up trend - Up: 100 Down: 8 Osc: 92
SJF BUY UltraShort Russell1000 Value Short Style Yes DMI: strong trend Up (ADX: 34 +DI: 32 -DI: 18) Strong Up trend - Up: 96 Down: 4 Osc: 92
SJH BUY UltraShort Russell2000 Value Short Style Yes DMI: strong trend Up (ADX: 25 +DI: 35 -DI: 11) Strong Up trend - Up: 100 Down: 24 Osc: 76
SJL BUY UltraShort Russell MidCap Value Short Style Yes DMI: strong trend Up (ADX: 36 +DI: 47 -DI: 10) Strong Up trend - Up: 96 Down: 8 Osc: 88
SKF BUY UltraShort Financials Short Sector Yes DMI: strong trend Up (ADX: 43 +DI: 37 -DI: 12) Strong Up trend - Up: 96 Down: 8 Osc: 88
SRS BUY UltraShort Real Estate Short Sector Yes DMI: strong trend Up (ADX: 25 +DI: 31 -DI: 12) Strong Up trend - Up: 96 Down: 24 Osc: 72
SZK BUY UltraShort Consumer Goods Short Sector Yes DMI: strong trend Up (ADX: 33 +DI: 40 -DI: 13) Strong Up trend - Up: 96 Down: 12 Osc: 84
TLL BUY UltraShort Telecommunications Short Sector Yes DMI: strong trend Up (ADX: 45 +DI: 58 -DI: 27) Strong Up trend - Up: 100 Down: 12 Osc: 88
TWM BUY UltraShort Russell2000 Short Market Cap Yes DMI: strong trend Up (ADX: 25 +DI: 32 -DI: 9) Strong Up trend - Up: 100 Down: 24 Osc: 76

Once you get past the short and ultra-short DOW 30 ETFs, there is an uninterrupted group of short and ultra-short international ETFs running the gamut from emerging markets to Japan to China.

It was just a few months ago that pundits used the term "decoupling" to describe how foreign economies, especially in emerging market countries, would continue to grow despite a slow-down in the U.S.

It would appear that confidence in the concept of decoupling is on the wane. With investors bidding up the price of these inverse ETFs it seems that the expectations for emerging market and other international stocks are as dismal as the expectations for the U.S. stock market.



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