Is the time nigh for some exchange traded funds (ETFs) that short oil and gas?

The answer seems to be mixed – while oil prices have retreated some today, down to $132 a barrel, gas is continuing its forward march. The national average is now $4.06 a gallon, John Wilen for the Associated Press reports.

The decline isn’t seen as a sign of a changing trend, analysts say, because oil has seen a number of sharp swings in past weeks. Instead, oil is "range trading," waiting for direction from a significant move in the dollar or a change in the supply and demand fundamentals. Most sentiment still seems to remain bullish.

In financials, Lehaman Bros. (LEH) shook up its management, removing its top two executives, reports Joe Bel Bruno for the Associated Press. The news comes days after the fourth-largest investment bank in the country delivered news of a $3 billion quarterly loss. It’s a clear signal that the credit crisis isn’t over yet.

What’s your sentiment for the sectors? It seems like for every opinion, there’s an equally fervent but exactly opposite opinion.

Whichever side of the argument you’re finding yourself on, ProShares and Rydex both some new additions to their line of long/short ETFs to give you a chance to capitalize. Already offered are the ProShares UltraShort Oil & Gas (DUG), as well as the UltraShort Financials (SKF).

To give investors more choices and ways to hedge volatility in both of these sectors, the new members of the lineup are:

• ProShares Short Oil & Gas (DDG)
• ProShares Ultra Oil & Gas (DIG)
• Rydex 2x S&P Select Sector Energy (REA)
• Rydex Inverse 2x S&P Select Sector Energy (REC)
• Rydex Inverse 2x S&P Select Sector Financial (RFN)
• Rydex 2x S&P Select Sector Financial (RFL)
• ProShares Short Financials (SEF)
• ProShare Ultra Financials (UYG)

In addition to the energy and financial ETFs, Rydex also launched long/short health care and technology ETFs:

• Rydex 2x S&P Select Sector Health Care (RHM)
• Rydex 2x S&P Select Sector Technology (RTG)
• Rydex Inverse 2x S&P Select Sector Health Care (RHO)
• Rydex Inverse 2x S&P Select Sector Technology (RTW)

Read the disclaimer, as Tom Lydon is a board member of Rydex Funds.

Tags: Energy, Financial, Oil, Sector ETFs, Technology