I already own a substantial number of puts on UUP (which moves in line with the US Dollar – thanks, fellow Slopers, for letting me know about that one); I am banking on a multi-week tumble in the dollar sometime soon. The chart below shows how we are approaching the 78.6% retracement line at 1.25812 (please click on the Present tab to see the current bar, which shows how close we're getting).
This is also a Fibonacci Fan line level, so the convergence is somewhat reassuring (here again, you'll need to click Present to see the latest bar).
These are December puts, so I certainly don't need this to whip around today. But the theme of "lower dollar, higher energy" is one I still believe in, and I doubt I'm going to hold onto this DUG position long at all.
