Trade Update: DXO

I mentioned that I sold most of my DXO a couple of weeks ago. I was planning to hold onto the remaining amount (about 20%) for a while, but lo and behold, Deutsche Bank decided to shut down DXO due to concerns over new regulatory restrictions imposed on the futures exchange. There is some info about this here:

-http://www.dailymarkets.com/stocks/2009/09/09/why-did-the-double-leveraged-oil-etn-dxo-close/

-http://247wallst.com/2009/09/01/the-death-of-an-energy-etf-dxo/

They are supposedly redeeming the notes at today's closing value, but just to be safe, I sold yesterday at 4.37, since there was nice spike in the price anyway. That was about my break-even price.

I'm just glad this happened now after I was able to sell at a profit, and not when I was temporarily down 50%!

On another note, my futures trading account with OptionsXpress.ca is finally all setup! Too bad I didn't set this up sooner -- I'm up $5000 in my virtual trading (I was able to sell Dec Natural Gas at 5.09, and it's now at about 4.60). I'm going to wait to see what happens tomorrow because as I feared, NG dropped pretty far before my account got setup, and now a rebound has finally begun. The spot price was down as low as 1.83 and just jumped up to around 2.45 in 2 days. The Dec contract got down to 4.30 and rebounded to 4.70.

I don't want to sell into a rally, so I'm going to wait until there is a down day. BTW, there are a whole bunch of comments on my last post that talk about the risk involved here.