Target all out... I'm ordering it from Costco Online... They are going to put it in those cardboard boxes...
Thank you Papa Roach, I think I understand contango now. Now if I can just figure out backwardation. I believe the gold market is in a state of backwardation... demand is high yet price is low or market price is lower than "street" price... anyway thanks for the concise description of contango
ERX is a strange one. I traded that a bit. When oil was trading at 48 per barrel, i bought some shares at 36 dollars. Then oil dropped to 41 and ERX dropped to 28, then oil went to 45(i think it was at 45 anyway) and ERX went to 46 (where i sold!) now ERX is at 35 and oil is at 33. ERX basically has a life of its own.
Also beware that leveraged ETN's such as DXO do not have the same fiduciary safety that ETF's have. So if Barclays bank goes belly up much like Lehman did, you could see your position in DXO get wiped out as the ETN would likely become defunct. Personally I'd stick with ETF's such as USO. If you want to employ leverage, just trade options on USO or just trade the actual oil futures themselves. IMO stay away from the leveraged ETN's.