Basic Materials on the Defensive

The ProShares UltraShort Basic Materials ETF (AMEX: SMN) is attempting to emerge to the upside from its recent sideways digestion area between 65.80 and 61.80, which if sustained should trigger upside continuation to 69.00/40 next, but likely on the way to 71.00/50 thereafter -- as the highly touted (Obama infrastructure) basic materials group is on the defensive ahead of New Year's. (10:15 am ET, 67.50).