XRT is showing an overbought signal on the money flow index, which suggests that the etf is ripe for a correction at some point soon. With so many nearby support levels I don't think I would want to play it directionally. It might make a nice iron condor, however.I've done an analysis of it for my website. http://www.timbovee.com/2010/02/xrt.html
Giving up too much in transaction costs to do an iron condor. At least a couple of cents on all four sides of the trade. XRT just isn't as liquidly traded as say the spy or dia where markets are a penny wide.