ETFs For Tuesday Oct, 27, 2009

The ETF Professor has decided to start a new feature and that is a list of ETFs worth watching for the next trading day. Since the Professor is starting this list today, the list will apply to trade on TUESDAY OCTOBER 27, 2009.

On the back of multiple earnings reports out of the steel sector, the Market Vectors Steel ETF (NYSE: SLX) and the SPDR S&P Metals and Mining ETF (NYSE: XME) will be worth watching.

Gold appears to be rebounding in the Asian session, so give the SPDR Gold Shares (NYSE: GLD) and the Market Vectors Gold Miners ETF (NYSE: GDX) a look. A leveraged gold play worth watching may be the ProShares Ultra Gold ETF (NYSE: UGL). The inverse idea here might be the ProShares UltraShort Basic Materials ETF (NYSE: SMN).

The UltraShort FTSE/Xinhua China25 Proshares (NYSE: FXP) could be the inverse answer to Baidu's (Nasdaq: BIDU) glum earnings report.

With AGCO (NYSE: AGCO) slated to report and the market still digesting Goldman Sachs negative report about Monsanto (NYSE: MON), the Market Vectors Agribusiness ETF (NYSE: MOO) is another ETF to watch.

Two currency ETFs for you: If the Euro continues to sputter against the dollar, try the Market Vectors Double Short Euro ETF (NYSE: DRR). If the dollar resumes its slide, go with the PowerShares DB US Dollar Index Bearish (NYSE: UDN).