Ultra S&P 500 ProShares (SSO) — This Exchange-Traded Fund (ETF) seeks daily results, before fees and expenses, that correspond to twice the daily performance of the S&P 500 Index (SPX).

Like its parent “the 500,” the SSO shows a series of bottoms with false breakdowns, or bear traps, on Nov. 20 at $18, and again on Feb. 23 at $17.70.

These two lows could evolve into a double-bottom, but for now we’re interested in first a trade to $21.25 or the gap at $20.70 to $21.80 and then to $24.

This a high-risk speculation and so a stop-loss order should be entered at just under the closing low of $17.70.

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Sam Collins is a registered, fee-based portfolio manager who may be contacted samailc@cox.net. You can also check out an archive of some of his most recent market outlooks by clicking here.