Issue #187
Dear Member,
Yesterday’s entry into the bear side of oil, via my recommendation to buy ProShares UltraShort Bloomberg Crude Oil, symbol SCO, was nicely timed. Shortly after purchasing the ETF, the price of crude oil slumped more than $4 a barrel, finishing the day below $48.
Everything is on target for a move down to at least $45, if not lower.
As a result, the price of SCO has already surged, to as high as $85.75 yesterday and with an open profit of at least 4 percent; not bad for one day.
But let’s not count our chickens before they’re hatched, as Mom and Dad always told me. Instead, let’s immediately reduce risk by raising the protective sell stop, per the below details.
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If you own shares in CANCEL and REPLACE your good-till-cancelled protective sell stop at $68.98 for SCO. NEW PRICE: $75.41, good till cancelled. |
Hold all other positions and related stops.
Best wishes and stay tuned …
Larry
