Opinion on  Ultra Financials ProShares (UYG)
If you had to choose....

If someone offered you an investment that you knew would go down 10% in the short term but with in 2 years would be up over 50% BUT you had to invest right now...would you do it?

I would. UYG is that play. There is very very near the bottom here. All write downs are non-recurring revenue on the balance sheet. Which means not including the mark to market write downs these companies are just as healthy as they were two years. And these financial institutions have had very little trouble raising needed capital. Most of the trouble has been priced into the financial sector already. Time to grab your marbles and jump in.