Showing posts with label PowerShares DB Crude Oil Double Short ETN. Show all posts
Showing posts with label PowerShares DB Crude Oil Double Short ETN. Show all posts

Monday, May 16, 2011

Gold ETFs (GLL) (DGZ) (DZZ) Trade Up As Gold Drops

Gold and silver prices went through a reversal Friday, as gold closed down and silver rebounded to close higher, offering support to gold shorting ETFs such as ProShares UltraShort Gold (NYSE:GLL), PowerShares DB Gold Short ETN (NYSE:DGZ) and PowerShares DB Gold Double Short ETN (NYSE:DZZ) closed up.

Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce. Silver prices settled up 21 cents to $35.01 an ounce.

The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.

Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.

ProShares UltraShort Gold (NYSE:GLL) closed Friday at $24.53, up $0.32, or 1.32 percent. PowerShares DB Gold Short ETN (DGZ) ended the session at $14.22, gaining $0.09, or 0.64 percent. PowerShares DB Gold Double Short ETN (DZZ) closed at $6.94, gaining $0.09, or 1.31 percent.

Monday, May 9, 2011

Shares of (DTO) (SZO) (SCO) (DNO) Trade Up as Oil Plunged 15% Last Week

These oil ETFs and ETNs traded up to end the week, as oil prices plummeted 15 percent last week, taking PowerShares DB Crude Oil Double Short ETN (DTO), PowerShares DB Crude Oil Short ETN (SZO), ProShares UltraShort DJ-AIG Crude Oil ETF (SCO), United States Short Oil Fund (DNO), and others, up with it.

Light, sweet crude oil for June delivery on the New York Mercantile Exchange dropped $2.62 to settle at $97.18 a barrel, matching the eight-week low of March 15. The U.S. Oil Fund (USO) closed down 1.1 percent on Friday.

For the week, the June oil futures contract fell 14.7 percent to $113.93.

Light, sweet crude for June delivery fell $2.62, or 2.6%, to close at $97.18 a barrel on the New York Mercantile Exchange.

In London, Brent crude finished the day off $1.67 at $109.13 per barrel on the ICE Futures exchange.

Republicans went on the offensive against higher oil and gas prices by passing a bill to hasten the leasing process dragging on in the Gulf of Mexico as the Obama administration drag their feet on taking action. The bill would also require leasing to be allowed off the coast of Virginia.

According to Rep. Michael Burgess (R-Texas), the bill helped push down the price of oil as it sent a message to the market they're serious about the future supply.

All Obama has done so far has obsessed on the fantasy of green, clean or so-called alternative energy; a dubious matter at best, and at worst, ignoring what they country needs now and is available to it.

In other Nymex trading for June contracts, heating oil fell 4.12 cents to $2.8457 a U.S. gallon and gasoline futures were down 0.53 cents to $3.0901 a U.S. gallon. Natural gas fell 3.4 cents to $4.297 per 1,000 cubic feet.

ProShares UltraShort DJ-AIG Crude Oil ETF (SCO) closed Friday at $47.48, climbing $0.93, or 2.00 percent.