UYG for a quick play?

[Paulie]

As the pundits start spinning this Geithner proposal throughout the rest of the week, they could end up pushing investors into financials, if just for a short spike.

I can see a little profitability in UYG @ $3.05, for a rest of the week play.

 

[usmbtech]

Wow, down almost 20% today and almost a 52 week low.. I agree though this could pop for a few days..

 

[Paulie]

I can't believe RIMM!!

WOW! I almost bought that, too. I'm still really skittish about stocks right now. There's been about 5 moves I ALMOST made, but decided not to, and all of them ended up being duds not far down the road.

Bob Macke from Fast Money has been pushing RIMM lately, too. This is just another great reason not to listen to anything MSM financial pundits say about investments.

 

[usmbtech]

I jumped into UYG at $3.07 today, so hopefully we will have a good run on it tomorrow I think RIMM will bounce back and I think if it gets cheap enough it could be a target for an acquisition. (I also heard that on cnbc as well)

 

[Paulie]

Dank I really hope you didn't buy that because of me. It was just a thought, really. I didn't even buy it, myself. Didn't have the balls.

It was down under 3 for a little while today for -16%, and it at 3 right now while I type this for -5%. I'm going back and forth about whether I should grab it and take a shot on a spike tomorrow. It's rallying a bit right now, and it's got me thinking there might be a jump tomorrow.

I just don't want to be left holding it over the weekend if it doesn't, though.

Dilemmas, dilemmas.

 

[Paulie]

This Obama proposal to subsidize mortgages should help this play out pretty nicely.

I finally pulled the trigger at $3.10.

Tomorrow ought to be interesting.

 

[Toro]

You may get a bounce. We had a reversal at 3:15 as the announcement was released to jam the bears, which they promptly did.

This market is trading off news out of Washington. I keep thinking the market is going to go down and retest the lows but the move today off what wasn't particularly compelling news shows you how skittish even the shorts are.

 

[usmbtech]

Not at all, I really appreciate the idea. I bought a small position and look to add if it drops more.

Dank I really hope you didn't buy that because of me. It was just a thought, really. I didn't even buy it, myself. Didn't have the balls.

It was down under 3 for a little while today for -16%, and it at 3 right now while I type this for -5%. I'm going back and forth about whether I should grab it and take a shot on a spike tomorrow. It's rallying a bit right now, and it's got me thinking there might be a jump tomorrow.

I just don't want to be left holding it over the weekend if it doesn't, though.

Dilemmas, dilemmas.

 

[usmbtech]

Down 12.42% today, a good time to jump in for a bounce tomorrow?

 

[Paulie]

Down 12.42% today, a good time to jump in for a bounce tomorrow?

Who the hell knows anymore with these banks. Are you still holding from the other day and looking to average down?

 

[usmbtech]

Yup, it was a small position to start off with. I did jump in at $2.60 today. I just can't believe the government would let all of these banks fail. My original thoughs were to purchase more around $2.80-$2.85 and it blew by that

My average price now is $2.83, not to bad.

 

[Paulie]

I think as more info (and spin) emerges about Obama's mortgage plan, banks will come back up. I still like UYG for a short term profit. I'd like to average down myself. I'll grab a little more at $2.62 right now. $2.60 seems to be the resistance.

 

[Paulie]

Dank you still holding? I dumped at 2.60 myself. A small position for a small loss, just tried a little play.

I'm waiting to see if anything comes out over the weekend about nationalization, and I'm setting a buy stop limit at $2.15 to try and catch some momentum should nationalization get brushed aside in any way. This thing isn't going anywhere until the nat. fear subsides.

 

[wimpy77]

Dank you still holding? I dumped at 2.60 myself. A small position for a small loss, just tried a little play.

I'm waiting to see if anything comes out over the weekend about nationalization, and I'm setting a buy stop limit at $2.15 to try and catch some momentum should nationalization get brushed aside in any way. This thing isn't going anywhere until the nat. fear subsides.

i think the press secretary helped calm things down a little about the nationalization talk.

 

[Paulie]

Alright, I'm going out on a limb here (and I really don't know why) and saying we may have found at least a temporary bottom here on financials. BAC saying they're good and that they don't need nationalization, the administration pretty much putting an end to that rumor. There was a decent little rally there at the end, and I'm thinking financials have a decent week next week. If not, I'm out of the day trading gig for a while, because this market is too complicated for me right now.

 

[Paulie]

Dank you still holding? I dumped at 2.60 myself. A small position for a small loss, just tried a little play.

I'm waiting to see if anything comes out over the weekend about nationalization, and I'm setting a buy stop limit at $2.15 to try and catch some momentum should nationalization get brushed aside in any way. This thing isn't going anywhere until the nat. fear subsides.

i think the press secretary helped calm things down a little about the nationalization talk.

Yeah, but Dodd slobbered out some BS about the possibility, and CNBC found every little intricate detail to be negative about all day in the face of what should have been positive news to discuss.

 

[wimpy77]

Dank you still holding? I dumped at 2.60 myself. A small position for a small loss, just tried a little play.

I'm waiting to see if anything comes out over the weekend about nationalization, and I'm setting a buy stop limit at $2.15 to try and catch some momentum should nationalization get brushed aside in any way. This thing isn't going anywhere until the nat. fear subsides.

i think the press secretary helped calm things down a little about the nationalization talk.

Yeah, but Dodd slobbered out some BS about the possibility, and CNBC found every little intricate detail to be negative about all day in the face of what should have been positive news to discuss.

that channel is starting to annoy me. cramer bashed the hail out santatelli though. also paulie how long before they announce a banking plan?

 

[usmbtech]

Anyone still holding on to this? Just wondering what your thoughts were for an exit

 

[DavidS]

Yuck. $2.03 right now.

 

[usmbtech]

picked some more up at $1.85, still down, but not as bad.