ETFs To Watch June 2, 2010 (QID, OIH, SLX, EWA)

Here is the ETF Professor's ETF Watch List for Wednesday June 2, 2010. The Oil Services HOLDRs (AMEX: OIH) is on the brink of a severe breakdown. The charts say this thing could go to the high 60s in a matter of weeks. Make the iShares MSCI Israel Investable Capped Index (NYSE: EIS) your geopolitical play for Wednesday. With materials looking weak, watch the Market Vectors Coal ETF (NYSE: KOL) as it once again flirts with support at $30. The iShares MSCI Australia Index (NYSE: EWA) was down more than 3% on Tuesday. With real estate names looking weak, keep an eye on the Direxion Daily Real Estate Bear 3X Shares (NYSE: DRV). Try the United States Short Oil Fund (NYSE: DNO) as a bearish oil play. The Market Vectors Steel ETF (NYSE: SLX) continues to show considerable weakness, shedding more than 4% on Tuesday. Outside of Apple (Nasdaq: AAPL) tech looks terrible, so keep an eye on the ProShares UltraShort QQQ (NYSE: QID).