This past week I closed out an 8% profit on a July call on the Powershares U.S. dollar bullish index fund, symbol UUP.
After months of getting pummeled, UUP was finally rounding into a chart pattern in which several of the indicators that I use, such as RSI, Stochastics, and MACD, were becoming favorable. I bought a July call on June 8th, and sold it after only a few days. I think it’s possible that had I held it longer, I would have made more money, but this site and my trading methods are about grabbing a big fat profit in as short a period of time as possible.
One Year Chart of UUP:
chart courtesy of stockcharts.com
And that’s what happened!
What helped out was the ongoing fear of default in Greece, which led the Euro lower and has been augmenting the dollar in the last week or so.
You have to love the fact that no matter what is happening, there is always a way to make money in the markets. The Dow is off 124 points today, as I write these words, yet with stocks and commodities both dropping, there is money to be made on the dollar ETF.
What a great country!
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