The Government is Buying Banks, you Buy UYG or XLF

We've been waiting for this news, and we wrote about these two badly beaten ETF's that rip when the Banks do the same back on Sept 19th. We were early to the party with these ETF's, but now is the time.

Today we got word that the U.S. Treasury official overseeing the $700 billion rescue of the financial system, said government equity injections will be aimed at 'healthy'' firms. So you play that two ways:

You may remember our Highlander tribute (The SKF is dead, now its the XLF MacLeod | The StockMasters), There can be only one, and its the Financial Select Sector SPDR (ETF) (AMEX:XLF).

But hold up, there is another, the Ultra Financials ProShares  (AMEX:UYG) Turns out, there can be Two (The SKF is dead, now its the XLF MacLeod | The StockMasters)  

The UYG

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

Ultra ProShares are the first ETFs designed to double the daily performance of their indexes that underlie the benchmarks (before fees and expenses). Use them to magnify the impact of your investment dollar.

The XLF

Financial Select Sector SPDR Fund (the Fund) seeks to provide investment results that correspond to the price and yield performance of the Financial Select Sector of the S&P 500 Index (the Index). The Index includes financial service firms with diversified business lines ranging from investment management to commercial and investment banking. The Fund utilizes a passive or indexing investment approach to invest in a portfolio of stocks that seek to replicate the Index