Thursday, October 25, 2007
Portfolio Update: Dumped Energy Short
Just updated my portfolio page (see Navigation bar) to reflect my sale of the 200-percent leveraged DUG UltraShort Oil & Gas ProShares ETF just before the close yesterday. DUG has recovered somewhat in recent days, helping to offset losses in my long equity holdings as the market digests its new subprime woes, but I needed to raise some cash for another project. Technically, energy stocks look weak, as this chart of OIH vs. USO shows. But as Stephen Vita often points out at his great AlchemyOfTrading.com blog, citing Paul Tudor Jones: "Losers average losers." So DUG was the one to go.