CS ETF on SMI: bought today

My order to buy ETFS Brent Oil (SIX:CSSMI) today at the open was executed at USD CHF 54.12

Buying CS ETF on SMI

The CS ETF on SMI (SIX:CSSMI) has fallen 16.6% since I bought it on 21 April 2011 and I consider the time right to buy some more today at the open.

CS ETF on SMI: bought today

I bought CS ETF on SMI (SIX:CSSMI) today at the open at CHF 65.16

Buy signal for ETF on SMI

The chart for the SMI (Swiss Market Index) gives me a signal to buy the CS ETF for this index (SIX:CSSMI) again. Unless something serious happens during the night, I shall buy it at market at the open tomorrow.

Watching the SMI index

The SMI index started falling already a week before the tsunami in Japan, so the fear of reduced exports to that country can't be the only cause. There is obviously also the increased cost of production due to the higher oil price and export problems because of the low exchange rate for the euro and the US dollar. I am, however, considering to buy an ETF on the  SMI, for example the CS ETF on SMI (SIX:CSSMI), when the time seems right. It is difficult to interpret charts in the current volatile situation. Are we seeing the beginning of a world-wide downturn or is it just a temporary dip of the SMI?