I don't think U has a lot of upside - maybe just to 7-7.50. But I don't think it has much downside either. Right now, I'm just looking for places to store cash. I've lightened up on the SLV and sold most everything with significant downside potential. My portfolio is pretty much in summer doldrums mode. I think the market continues to be choppy sideways/down for several months. The Venture exchange is my canary in the coal mine, and it looks rather sick right now.

My favourite thing to do during a slow summer is sell puts on dead money stocks & ETFs that have limited downside - whenever something does get assigned, I sell calls on it. It's a nice easy way to make 3-5% per month without having to pay a lot of attention. When the market conditions warrant a return to beta, I close out all the dead money positions and pile back into the momo stuff. Worked really well last year, I suspect it will this year too.