UYG weekly ~~~~>
i check 2X leveraged UYG to get a sense of where FAS may trade going forward. the TARP is probably best spent picking up the pieces when we see a lot more bank failures. otherwise the taxpayers will just catch a falling knife imo. there's not much to backstop when you consider all these credit default swaps. that's a real can of worms and imo we haven't even seen the tip of the iceberg.
we could get a technical bounce off of S&P 790, but my gut tells me we'll see it bottom in the 5 to 600s several months from now. note the volume on UYG. it doesn't look like capitulation is very close.
i check 2X leveraged UYG to get a sense of where FAS may trade going forward. the TARP is probably best spent picking up the pieces when we see a lot more bank failures. otherwise the taxpayers will just catch a falling knife imo. there's not much to backstop when you consider all these credit default swaps. that's a real can of worms and imo we haven't even seen the tip of the iceberg.
we could get a technical bounce off of S&P 790, but my gut tells me we'll see it bottom in the 5 to 600s several months from now. note the volume on UYG. it doesn't look like capitulation is very close.
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