Wednesday, March 3, 2010

Commodity Updates

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  Great discussion today on CNBC's Fast Money, topic the metals, Freeport-McMoran, Gold etc...take a listen well worth it.

Also Yamana Gold (AUY) an Itz Pix position.

As I've been calling a near term pullback in the US Dollar after hitting my upside 81 target level. Dollar should continue to trend lower to around 79 area and the Euro to the 1.38 area as indicated in charts below. Gold near term price objective is $1160 and crude oil $89. Itz Pix holdings that should benefit are AUY, GFX, SLW, FCX, RIG, PDE, SU & VLO. Note, raise stops accordingly...the 1125 S&P500 resistance level could prove tough . Any break over though and 1200 is in the cards as an upside objective.

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