Earlier today I purchased 50 contracts on UUPCY (March 2010 $24 strikes) @ $1350.00. UUP is the US Dollar Index ETF. It seems everyone and their dog is bashing the USD and most countries around the world can no longer sustain the fall so I’m expecting a big snap back. I could be wrong and the USD continues to slide buy I also bought the calls as an insurance against my OIH holdings. If the USD does crash then oil will come down and so will OIH. I’m already long/short on OIH so I’m adding additional options in the event of a dollar rally. We’ll see how that pans out.
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