BOUGHT +1 UYG 100 NOV 08 3 CALL @.55

[caption id="attachment_850" align="aligncenter" width="500" caption="Ultra Financials"][Ultra Financials][][/caption]

[caption id="attachment_851" align="aligncenter" width="500" caption="S&P 500 intraday"][S&P 500 intraday][][/caption]

Just a cheap shot in the final 45 minutes of this option expiration Friday. S&P has shot up to 775 and retraced a little. The Advance-Decline line has turned up and the TICK is strong during this retracement. This looks like a strong setup to rally into the close. Let's see if the market can do it. Otherwise, there goes \$62.50 into the drain.

[Ultra Financials]: http://traderpau.files.wordpress.com/2008/11/2008-11-21-uyg.png [S&P 500 intraday]: http://traderpau.files.wordpress.com/2008/11/2008-11-21-spxintra.png