15 Oct 2008 - Held on to DUG and the plan worked...but could have doubled profits with the other half I let go. EIA report is tomorrow, not planning of letting DUG yet.
16 Oct 2008 - Crude Oil lost another 2.50 in asian trading. I might take profits at the end of today, coz there is always the element of a strong rebound. see what happens later.
17 Oct 2008 - Sold DUG at 65, waiting for retracement to finish before loading up again.
Based on yesterday's Crude Oil price action, I have cut my DUG positions by half.
I think XOM being one of the largest component of DUG could rally up to at least 80. Earnings for XOM is on 30th October 2008....If it manages to go up to 80, expect some sideways.
I would watch the movement of EURO for now, there is a lot of volatility out there for commodities to attempt to rally further.
So I am merely keeping a small DUG position as an insurance for any downside.
Today's EIA inventory report could be key for commodities to drop or hop. I estimate any attempts to rally to last to Friday. Then we get cheaper DUGs and you guys can help yourself to as much as you want.
Tuesday, October 14, 2008
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