Wednesday, September 14, 2011

Getting Long the Dollar.... Again!

Regular readers know I have been bullish of the US dollar. This has not changed despite getting stopped out of long positions in it previously. For those unaware, the easiest way for most to watch or trade the dollar is the Powershares US dollar index, Bull ticker UUP or Bear ticker UDN.

I have been watching the dollar quite closely and the dollar seems to have made a turn of some significance. The UUP gapped up on Sept 6, quickly consolidated and then gapped up again on Sept 9. The 2nd gap, besides taking out the last reactionary high (21.98) prior to the May bottom and now taking out the May 23rd high of 21.86 is now open 3 days making me comfortable getting long the UUP here at $21.86

Chart will be up shortly

Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 1 unit Direxion Large Cap 3X Bear ticker BGZ @ $96.70
Long 2 units Direxion Small Cap 3X Bear ticker TZA @ $60.30
Long 1 unit Direxion Emerging Mkts 3X Bear ticker EDZ @ $60.50
Long 2 units Direxion Financial 3X Bear ticker FAZ @ $98.25
Long 2 units Ultrashort Xinhua China ticker FXP @ $42.45
Long 1 unit Ultrashort Real Estate ticker SRS @ $49.10
Long 2 units Direxion Tech 3X Bear ticker TYP @ $52.60
Long 1 unit Powershares US dollar Bull ticker UUP @ $21.96 stop @ $21.17

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