The UYG Sept 08 45 option is now at $15. (UYG is an ETF from Powershares and is leveraged to double the XLF index). Maybe get a couple more contracts to average up? Could also wait a few more days to see if the financials decline some more. It is possible. They have been trading in a range, though I don't see much to drive them down short of some surprise blowup at a big bank.
Wednesday, April 09, 2008
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