People keep writing to tell me why my bounce strategy of holding leveraged long ProShares, such as Ultra Financials (UYG), won’t work — and it keeps working. Ratchet stops higher as the rally continues.
UYG is up 50% from last Friday’s base at around $8 to this morning’s low at $12. It’s already gone well enough that you can’t possibly be wrong, even if stops out today at, say, $11.95.
Its inverse, ProShares UltraShort Financials (SKF), gained 87% from its Oct. 1 price of $97 to last Thursday’s $181. Since Thursday, it has fallen 41% to this morning’s low at $106.
These are wonderful times to trade. Annual incomes are being made each week.
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