Monday, November 24, 2008
Pssst! Want to make some quick, easy money?
Then buy UYM, a double bullish ETF that tracks companies in the basic materials/commodities sector. Companies like Monsanto, Du Pont and Freeport McMoran. Do your own diligence at the proshares.com website.
When these companies in aggregate go up 10% the ETF is designed to go up 20%, though the tracking mechanism is far from perfect. This extra leverage can also hurt you if you guess wrong, but no risk, no reward. The chart of this ETF shows massive carnage:
Just to get back to its 50 day moving average, a reasonable target for a bear market bounce after a vicious sell-off, implies at least a 100% gain from current levels and it should only take a few weeks to a few months to get there. Should be a quick and easy way to double your money and this instrument can be bought and sold in any account that is able to buy and sell stocks. Any takers?