ETFs To Watch May 17, 2011 (FAA, FXF, TWM, EDZ)

Here is the ETF Professor's ETF Watch List for Tuesday May 17, 2011.

The Nasdaq is a mess, so try the ProShares UltraShort QQQ (NYSE: QID).

The Russell 2000 isn't much better, so look at the ProShares UltraShort Russell2000 (NYSE: TWM).

Defense: Utilities Select Sector SPDR (NYSE: XLU).

Non-inverse oil short: Guggenheim Airline ETF (NYSE: FAA).

Emerging markets plays of the day: Direxion Daily India Bear 2X Shares (NYSE: INDZ), Direxion Daily Emerging Markets Bear 3X Shares (NYSE: EDZ) and the Market Vectors Russia ETF (NYSE: RSX).

Forex play of the day: CurrencyShares Swiss Franc Trust (NYSE: FXF).

Bond play of the day: iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT).