UYG: Bought @ 19.05
Wednesday, September 24, 2008 at 11:35 am
Looks good for a trade, double bottom on the 5 min chart.
Stop below today’s low.
Hat tip: Donny
is a robust instrument of economic stimulus.
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[...] should provide a nice rally. Trader Mark is buying Regions Financial (RF) as a bailout play. Ragin is buying UYG. The Fly is buying Synovus Financial Corp. (SNV), Citigroup Inc. (C), ROM, Freeport-McMoRan [...]
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I put the same trade on earlier at $19.00. What is your thinking regarding an exit price (assuming it cooperates)?
It’s a continuing triangle from yesterday… About 5 minutes away from breaking out one way or the other.
We are setting up for a big move on way or the other. Buying some more put protection if we fall below 10,800.
RC, They’re just gonna drag this triangle out until we’re out for lunch, then take it one way or the other.
Does UYG even trade correctly?
HEES ? RC ? Anyone ?
down 18% on no news!
SB,
I called my Bro for you, no answer. I will find out.
I’ve got the same trade on with IWM.
For a daytrade, I like AMZN right here with a stop below 71.
OK. Back from Lunch… Up 60. How does it do that
I know daytrading is about being in cash at the end of the day, but UYG should be bot until we get confirmation one way or the other on the tax payer bailout.
Iput the same trade on today…GLT
I am the most patriotic man in the country!
RC,
Stop at low was a good idea. Too many people appear to be positioning for a pop on bailout news. Flat to down market would cause the most amount of pain to traders on passage of bailout. Recession not going away anytime soon.
I decided to balance out my pessimism on the financials with some out of the money BAC calls (Oct 40’s). They’re cheap and my thought is that they would benefit tremendously if the bailout package passes because of their earlier purchase of CFC. A pop to 40 is not out of line imho. Any comments?