#203
Dear Member,
Oil had another nice move higher yesterday, putting your position in PowerShares Ultra Bloomberg Crude Oil ETF (UCO) at an open gain of better than 31 percent, based on yesterday’s closing price. Yesterday, I recommended you raise your stop.
Now, I think it’s time to make two more moves. First, I recommend grabbing gains on half your position and second, I recommended raising the stop again for the remaining half of your shares.
To make these moves …
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For all members who own shares in UCO: 1. SELL HALF of your PowerShares Ultra Bloomberg Crude Oil ETF, symbol UCO, at the market. 2. CANCEL and REPLACE your good-till-cancelled protective order to sell your remaining shares of UCO at $7.19 stop. NEW PRICE: SELL your remaining UCO shares at $7.61 STOP, good till cancelled. |
Continue to hold ProShares UltraShort Dow30 ETF (DXD), with a good-till-cancelled protective sell stop at $19.25 and your July put options on PowerShares DB Agriculture Fund ETF.
Best wishes and stay tuned,
Larry
