UYG long? Advice please

[ptp1600]

Hi, looking at UYG for a short term play for the long side. I bought it at 2.82, seeing if I should hold till monday or tuesday or should sell today.


Heres the chart, I bought it because it was near it's 8 day MA and the MACD was slowly turning around as well. Tell me what you think:

http://img7.imageshack.us/img7/3307/25867844.png

[Albert0373]

It's a nice technical setup with some hefty resistance at 3.00; with a move above that 3.50 is in reach.

Just keep that in mind.

I'd personally set a stop at 2.75.

[firefighterwebguy]

I've lost ALOT of money by holding over a weekend. I would recommend against it and many others, but I am a daytrader. I do not hold onto anything very long if its simply a 'short term' play.

[ptp1600]

Alright, sold for a $90 profit, I'll look at it again if it moves past resistance.

[Bolimomo]

I think UYG is horrible to buy at 3.00 because the risk is high. It came up from the low of 1.50 - People doubling their money. The financial stocks may be on a double top near term. I use my "bench mark" stock GS, which is roughly doing a double top: 115 about 1+ week ago, went down to 101, then now back to 116 today.

[Horsefish]

Agree with what was said above. Agree with taking profits now. Boli: there is something strange going on with GS today. It's above it's 200 day MA. Mutual funds getting back in???. Something we are missing here.

[Mbrown10012]

I would get rid of it if its anything around 3. Notice how all the candlesticks that covered all the 3 dollar mark has more volume?

[Mbrown10012]

I think UYG is horrible to buy at 3.00 because the risk is high. It came up from the low of 1.50 - People doubling their money. The financial stocks may be on a double top near term. I use my "bench mark" stock GS, which is roughly doing a double top: 115 about 1+ week ago, went down to 101, then now back to 116 today.


Looks like GS is trending higher. I'm neutral with the TA stuff, but GS gap up yesterday , then comes an engulfing pattern with the long white candle today. Even though it failed to close above the 115.5 mark yesterday, lets see if the white stick can close above the 115.5 mark.

But yea, 3 dollar is not fun for uyg to buy

[Bolimomo]

Boli: there is something strange going on with GS today. It's above it's 200 day MA. Mutual funds getting back in???. Something we are missing here.

You know... I will be the last one to know. I only look at charts and don't read news and don't follow fundamentals. Though I can tell you the exact highs and lows in recent history, LOL.

Maybe Buffet is exercising his warrants to go long on GS. Maybe the GS's own trading team bids up GS. I don't know.