ProShares Ultra Short QQQ
ETFs are popular in the Twittersphere -- and the second name on our list proves it.
Another good example of a technical breakout in a leveraged short ETF comes from the ProShares Ultra Short QQQ ETF (QID), a fund that tracks twice the inverse performance of the NASDAQ 100.
Coincidentally, $45 is the resistance level in QID that share prices had been hitting their head on for the past month or so, as traders lacked the legs to push tech stocks through the floor (a move that pushes this ETF through the ceiling). Regardless of the relative strength that we've seen in tech lately, this breakout is nearly identical to the setup in FAZ.If you decide to take this trade, I'd recommend keeping a protective stop just below that $45 level. It's the price that now acts for support on this ETF.