The combination of a continuing irrationally-driven selloff in crude oil and an equally panic-stricken dive in the Chinese stock markets has placed one of our Portfolio members in a vulnerable situation.
China Petroleum & Chemical Corp. (NYSE:SNP) has weakened 13.8% for the month, 5.4% of that in the last two days. The meltdown in Chinese indices on Monday, in which the markets declined 8%, isn't helping.
SNP is nowhere close to its trailing stop. As of close yesterday, it is priced at $73.60 (down 16.7% since its introduction).