Crude Oil ($WTIC) broke out today up +$2.36 to $77.13 as I expected...it lags gold. Which $GOLD as well as silver saw declines, obviously some asset allocation going on.
One of the Itz Pix portfolio suggested positions is Transocean (RIG). Studying the chart and I see "double top" formations, there could be a pullback near term. I considered covered calls, but if oil does rally in coming months this stock could ride to $100 easily. Either hedge using puts, which are cheap with volatility down. OR set stops, using the 10 sma & 30 sma to scale out of position. My downside target is $83. ~chart~
*click on chart to expand image
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