Issue #202
Dear Member,
Oil had a nice pop higher yesterday, putting your position in PowerShares Ultra Bloomberg Crude Oil ETF (UCO) at an open gain of better than 22 percent, based on yesterday’s closing price. Time to raise your stop. See the details below.
Gold also jumped yesterday but was quickly repelled by resistance at the $1,217 to $1,225 level. If gold fails yet again, I will be acting swiftly to recommend an inverse position to profit from the next leg down in the metals. So stay tuned.
Hold ProShares UltraShort Dow30 ETF (DXD), with a good-till-cancelled protective sell stop at $19.25.
Lastly, yesterday you should have been able to purchase the July put options on PowerShares DB Agriculture Fund ETF, at roughly $0.85. Grains are looking weak this morning. Hold.
Now, to raise your stop on UCO …
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For all members who own shares in UCO: CANCEL and REPLACE your good-till-cancelled protective sell stop to sell all your shares of UCO at $6.25. NEW PRICE: SELL ALL your UCO shares at $7.19, good till cancelled. |
Best wishes and stay tuned,
Larry
