Issue #188
Dear Member,
In this morning’s issue I recommended raising your stop on the ProShares UltraShort Bloomberg Crude Oil, symbol SCO, to $75.41.
I also told you that oil looked weak, as it did indeed in the wee hours of trading this morning. But just after the New York trade opened, oil shot higher. As a result, SCO plunged, hitting my new recommended stop.
My mistake, for tightening the stop so quickly. Here’s what I recommend you do:
A: If you are still long SCO, for whatever reason, hold, BUT keep your stop at the original stop price of $68.98, good till canceled. In other words, do not raise your stop.
B: If you were stopped out this morning, re-establish your position per the below details immediately. Oil should find stiff resistance at its current level of roughly $51 – $53. My models remain bearish, so let’s get back in.
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If you were stopped out of the ProShares UltraShort For each $25,0000 you are trading: Buy 100 shares of the ProShares UltraShort Bloomberg Crude Oil, symbol SCO, at the market and place a good till cancelled protective sell stop at $68.98. |
Hold all other positions and related stops.
Best wishes and stay tuned …
Larry
