Just when you think the Banks, Brokers and Money Centers cannot go any lower the Proshares Ultrashort Financials ETF (SKF) hits a new high.

New 52 Week High

    Currently trading up 5% as the market has taken a steep decline on news of further trouble with automobile makers General Motors and Ford, SKF has reached a new 52 week high of 164.17. This ETF seeks to inversely double the return of the Dow Jones US Financial index. When the DJ US Financial Index goes down 1%, the SKF will gain 2%

Holdings

    The DJ US Financial index includes such financial stocks as American Express, AIG, Bank of America, Bank of NY Mellon, Citigroup and Goldman Sachs to name the largest holdings. Many of these stocks are at 52 week lows and are experiencing write-off and downgrade issues.

The Trade

    Balance out a long portfolio by hedging future stock loses by also holding the SKF ETF. If you are long financials but want protection against further down movement in your stocks, you can hedge against those loses by also holding some of the UltraShort Financials ProShares ETF.