MarkGillCPA

Why I'm Committed to the UltraShort Financials ETF

Your financial short and commodity long postions have worked well this year. I hope you've taken some profits. The financials are way oversold, over-shorted and already discount a lot of bad news. Both USB and WFC just announced earnings reports that were not as bad as feared. I went long the UYG (Proshares Ultra Financials) this morning. And while I realize there's a lot of short covering going on today, the financials could move another 20% up without breaking their 50-day moving average, which equals a 40% move for the UYG.