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.