Alert: gold has tanked.
Make these adjustments to DZZ now …
This position in DZZ (PowerShares DB Gold Double Short ETN) has been well timed. It is showing open gains of roughly 20% in two days! I think gold still could correct a little further, so I’m not quite ready to exit this position just yet.
But I do think it is important to lock in some open profits here in case the bulls come in droves to buy this dip. Let’s do this by adjusting our stop-loss order. (Details below.)
Also, I recommend you place an order to exit this position (or a portion of it, entirely at your discretion) should it hit my initial target. (Details below).
DZZ (Last Price: $4.67)
CANCEL AND REPLACE your order to SELL ALL your shares of PowerShares DB Gold Double Short ETN, symbol DZZ, at $3.58, STOP. New Price: $4.45,STOP; this order is good till cancelled.
Place an order to SELL ALL your shares of PowerShares DB Gold Double Short ETN, symbol DZZ, at a LIMIT of $5 or better. This order is good till cancelled.