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Buy Financials!?!

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Financials are having a tough time right now.  Banks don't know how much toxic assets they have from the start of the housing crisis.  This lead to what we are in now, a financial crisis.  With all this bad debt we are now seeing the financial sector (and the whole stock market) at an all time low.  I have a couple of investment ideas

ProShares - Ultra Financials - its traded under the symbol UYG.  The objectives of this fund (listed from the funds website) are:

ProShares Ultra Financials seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Financials IndexSM.

You might be asking, why buy financials, isn't it risky and what if it goes down?  Why not wait till we start to see the economy come back?

Well I say buy financials now, yes it is still risky but UYG is trading around $1.75 a share.  So if you have $175 dollars laying around and willing to not look at it for a few years then I would like to suggest picking up a 100 shares of this fund.

Yes, it is still risky (especially with the 200% movements) but I am willing to accept the risk because I think the financials will come back in the long term.  This is one investment that I have accepted the I think I will be very satisfied with in the future.

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