ETFs To Watch August 31, 2010 (SDS, BZQ, EDV, SKF)

Here is the ETF Professor's ETF Watch List for Tuesday August 31, 2010. Not expecting much in the way of bullish sentiment on the last day of what has been an ugly month, the ProShares UltraShort S&P500 (NYSE:

) and the ProShares UltraShort QQQ (NYSE:

) look like fine ideas. The ProShares UltraShort MSCI Brazil (NYSE:

) was up more than 5% on Monday. With steel ETFs looking weak, the Market Vectors Steel ETF (NYSE:

) should be on your list. Financials just look pathetic so put the Direxion Daily Financial Bear 3X Shares (NYSE:

) and the ProShares UltraShort Financials (NYSE:

) on your list. Make the Vanguard Extended Duration Treasury Index ETF (NYSE:

) your bond play for the day. It's hard to ignore the Yen's strength, so keep an eye on the CurrencyShares Japanese Yen Trust (NYSE:

) again. The Market Vectors Russia ETF (NYSE:

) could be a good short as oil prices continue to struggle.