I have an excellent indicator that is telling me its time to buy them for a trade though. I've been testing a new system that looks to buy and sell Ultra ETF's (2x) based on RSI signals. The basics are that it goes long when RSI(2) hits 10 and sells when RSI(2) hits 80. I've tested the system as a whole with around 50 ETF's that have enough volume and the win rate is incredible.
The UYG (Ultra Financials Proshares) signalled a buy on 6/3/08 at 27.76 and are currently trading at 26.00 even, offering an even greater opportunity to profit than usual. Note below the historical success of trading the UYG based on the system's criteria. Tests were run purchasing an even 10,000 of UYG on every signal. You can see that the system is up around 100% since the first trade was executed in May 07. Pretty impressive considering the system is buying UYG while its fallen from 70+ to 26 today.
