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Technology Stocks : Max90's LINK STORAGE to stock quotes -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (3762)	11/19/2008 12:07:58 PM
From: LTK007	Respond to of 3906

i added UYG, now 4kshares at Cost/Basis of 6.50(was 7.93). i can only ladder down in bits BECAUSE we haver NO idea how bad this will be, that is when the RALLY. i bought just above it's alltime low of 5.15 hit today(that may be broken today, by the way). But today the SPFinancials index hit its lowest point in 12+ years, from back in 1996. i am now thinking UYG rally could well be no higher then 10 as think the overhang is MASSIVE. i think all people in UYG at 20 area are not going to see 20 in a long time. i am playing UYG as it is now down 90% from its 2007 highs. My broker says he has a few clients(including Bank clients) with C/Bs of 40 on UYG, that is they have reached that psychological point of "why sell now i already am basically wiped out" But their will be a short phase of a strong rally as shorts say we have made enough, let's get it rolling UP and then SHORT again. i will sell this position into rally, but would like to see 9 before i unload. A huge amount of people i believe piled into UYG on its rally from 7.50 to 10.94 and at least 50% are still holding, that all works out to MAJOR residtance at 10 as we maintain a pattern of LOWER HIGHS. i will not add unless i see like the 3.25 area. Max