Short US Dollar, and Long DIG
Posted on October 23rd, 2008 in Stock Market |
The US Dollar Index looks toppy against the EURO. Below is a chart of the UUP which is the long US Dollar ETF. As you can see there is big volume at the low and we are going to higher highs on lighter volume. I went short this ETF by buying Dec PUTS. If this holds true then commodities will go up like gold, steel and oil.
Below is a chart of the DIG (Ultralong Oil & Gas ETF) I put in a buy order at $25.75 looking to go to $40.
2 Responses
Just wondering what your target on DXO would be as I went long on it on Friday as well
[...] to. This should take about 5-8 weeks to get too. This means I am bearish on the US dollar which I posted on Oct 23. You can buy the UDN which is the bearish US dollar [...]