DUG SDS DXD all the ultra shorts got hammered but DUG has XOM and a few others heavily short so they got pinched I also went long DUG at 55 & 50 wow down 36 percent one day is a bit much however this is a pile in to pinch any shorts that are left in the game. So either stomach it for 1 month or buy DIG as a hedge.
I agree with you guys, except I don't think it's manipulation, I think alot of it has to do with Columbus Day. Everybody points to $70 oil as if that is some kind of lowball figure, when one year before, we were floating in the fifties and forties.
I tell you what, I also own this stock at about $80, and I sold covered calls against which I bought back for a ten dollar profit, then resold some 65's due November for about $12 which are now worth $5.30.
So my break even is also $65, and I truly believe, with what is going on, and when banks report this week, no matter how the banks play with each other, until they lend to joesixpac so he can kick start XMAS, we are already at 7% unemployment, going to report 8 and 9 these next two months, and that doesn't auger well for commodities at all.
I see us getting to $65 by mid of November the latest. I may not make much money on this series of trades, but we are WAY oversold for a nickel dime pop in the price of energy today.