Steels are doing very badly. Gold/Silver is correcting, cement will crater. China slowdown will kill this ETF. This one will lose big due to the decay.
This can easily go to 36-37 in a couple of days. It has not gone past $36 for a while now - sot sure I would give up on this yet. This is a good play on materials.
Check out SMN........It's the complete opposite.....You can play them both, but you have to keep an eye on them.....5-10 percent up or down is the norm.....
You don't want to hold SMN. Both are eventually decay to single digits. It is better to short UYM. Because it is highly unlikely that you'll get that long one directional move for SMN to go up a lot. Better to go short UYM, or better yet, sell the upside call spread and buy the downside put.