ETFs To Watch May 11, 2010 (OIH, BZQ, PSQ, MOO)

Here is the ETF Professor's ETF Watch List for Tuesday May 11, 2010. With BP (NYSE: BP), Transocean (NYSE: RIG) and other oil companies with a stake in the Gulf spill headed to Capitol Hill today, keep an eye on the Oil Services HOLDRs ETF (AMEX: OIH). Watch the iShares Spain Index (NYSE: EWP) for a pullback after the ETF gained almost 15% on Monday. Sure the Market Vectors Agribusiness ETF (NYSE: MOO) took place in Monday's rally, but not in a big way. This ETF has been weak for a while. Priceline's (Nasdaq: PCLN) earnings outlook should hamper the Nasdaq so keep an eye on the ProShares Short QQQ ETF (NYSE: PSQ). Small-caps really look due for a pullback after Monday's boffo gains, so play that trend with the ProShares Short Russell2000 ETF (NYSE: RWM). Play a pullback in European stocks with the ProShares UltraShort MSCI Europe ETF (NYSE: EPV). Emerging markets should probably take a breather on Tuesday, making the ProShares UltraShort MSCI Emerging Markets ETF (NYSE: EEV) an ETF to watch. And on that note, try the ProShares UltraShort MSCI Brazil ETF (NYSE: BZQ) for a pullback in Brazilian stocks.