Alert: crude gets caught in the downdraft.
Let’s tighten our stop-loss on DTO …
Crude oil dropped by almost 7% today. It is a growth commodity and it is starting to look like global growth just isn’t going to be at levels we expect and require. I think there is more downside ahead, but let’s tighten our stop-loss on DTO (PowerShares DB Crude Oil Double Short ETN) to lock in about 15% on this position, just in case the market deems today’s major sell-off sufficient (for now) in pricing in the risk of slower growth, a hand-cuffed Fed, Europe in distress, and China on the edge.
DTO (Last price: $72.33)
CANCEL and REPLACE your order to SELL ALL your shares of PowerShares DB Crude Oil Double Short ETN, symbol DTO, at $57.70, STOP. New Price: $68.90, STOP; this order is good till cancelled.