Today is the big day with FASB leading the charge. I think FAZ might seriously die today, along with many hedge funds that were short. I bought hard into the dips and it looks like it'll pay off, actually, futures up 2%+ for all indices.
As for the mark to market trade, the UYG calls should easily double. I still own about 18 contracts on the UYG $3 calls, which I bought at $0.15. I sold my other 17 yesterday for some safety but right now its at $2.90 in premarket (up $0.21) so lets hope it holds.
As for stocks under $5 dollars, look at BIOS and GU. These maybe longer plays but are worth a look. We are going to rip higher and I have been saying this week that I think 777 is the floor (at least for the short-term). In addition, look for smallcaps to rip today. I will sell some stuff today to book some winnings, so good luck, chant UYG for me!
Update I (7:20a): Juan Villarzu, former head of world's larget copper company , Codelco, said yesterday that Copper will climb 34% to 61%. “I expect within no less than six months, the copper price is somewhere between $2.50 and $3.00 per pound.”
Right now it's around $1.80, PCU and FCX can rip on this!! My biggest current position is in Copper, via PCU and JJC. Remember, FCX and PCU used to both sell of $100, it copper rips and supply gets tight (they have slowed mining so its possible) these names will rock much higher.
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