Ultra Short Technology ProShares (REW) — This Exchange-Traded Fund (ETF) seeks daily investment results that correspond to twice the inverse of the daily performance of the Dow Jones Technology Index (IYW).

This non-diversified fund, which normally invests 80% of assets in technology stocks, benefits if technology stocks fall — it’s a substitution for shorting those stocks.

Note the “W” base and the trading gap at $89 to $104. A breakout with a close more than $89 could close the gap with a target of $104. As with all non-diversified Ultra-funds, it is best to limit your risk with a stop-loss order.

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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.