UltraShort China ProShares rallied 21% today

Betting against Chinese stocks these days is big money and it was easy money for investors of UltraShort FTSE/Xinhua China 25 ProShares (AMEX:FXP) taking a 20%+ gain on yet another manic Monday.

UltraShort FTSE/Xinhua China 25 ProShares seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the FTSE/Xinhua China 25
Index.

Asia-Pacific region extended losses from Friday to close sharply lower on fears that the latest moves by central banks and governments would not be enough to stave off a global recession. The Japanese stock market closed at a 26-year low, while the Australian market ended at a fresh four-year low.

Shares in Hong Kong closed at their lowest level since mid-2004 and Chinese stocks closed at their lowest level in more than two years. Bucking the trend, the South Korean market closed slightly higher. Markets in Singapore, Malaysia and New Zealand were closed on Monday on account of public holidays.

As the trend continues, ETF's like the FXP are good protection for your portfolio.