Barchart Stock Chart of the Day – November 19, 2008

Weak markets such as we’ve been trading are great for inverse ETFs, that form of ETF that profits as its underlying index declines. And a great way to spot the strongest inverse ETFs is to scan Barchart’s New 52-Week Highs list.

One of the stocks making today’s new highs list is UltraShort Semiconductors Proshares (SSG) an ETF that tracks the Dow Jones U.S. Semiconductors Index and profits as that index falls. As an Ultra ETF, SSG gains twice as fast as the index falls.

In the last three months, SSG has gained 191% since the August 18th low of 61.73.

 Barchart Opinions for SSG are:

    Short Term Indicators Average: 80% Buy
    Medium Term Indicators Average: 100% Buy
    Long Term Indicators Average: 100% Buy
    Overall Average: 96% Buy

Barchart Trend Spotter Signal: Buy since November 11, 2008

Sector Performance: SSG is a member of the Indices Exchange Traded Funds sector, where it is the 2nd best performing ETF in the sector with a YTD performance of 222%. While the sector as a whole has a weighted Alpha of -39.52%, SSG itself has a weighted Alpha of +234% indicating that it is significantly stronger than the sector as a whole. To learn more about weighted Alpha, visit the Barchart Learning Center.

How we spotted this chart: SSG was one of only eight stocks that appear on today’s New 52-week high list.

Recent Developments:

UltraShort Semiconductors Proshares (SSG) seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Semiconductors Index